Sorry, I mean "bitaddress.org" not bitCOINaddress.org. I do not need to connect to the internet to generate keys, a saved html file from the site on my hard drive does the job just fine. Its also open source and has been discussed on this forum a nuimber of times.
Oh, I see. Well, in your case you have two things: the CD and the hard drive. It is very secure the way you do it, though you still have to be sure nobody changed the contents of your hard drive.
However, if one uses just a single CD (which is read only), and one checks the checksum of the CD every time before using it (so that one knows it is her CD), I think it is as secure as it gets.
Of course, there still are threats, such as 1) somebody reads your screen, or 2) somebody tampers with the hardware of your computer.