Here is the method I plan to use for creating a cold storage. I am very new to all this, and have never used Bitcoin before. I am not very technical either. Anyway, here it is:
Create a live-cd with Ubuntu (on a DVD, not install anything on the hard-drive, I assume everything will be deleted once I turn off the system).
Install Armory on Ubuntu, create an encrypted wallet using the client (encryption just in case the wallet files does not delete for some reason when I turn off the OS). I write down the encryption key on paper.
Generate an address for receiving bitcoin, write down the private and public key on paper.
Generate a paper backup for my Armory wallet, write down the root-code to this on a paper using the "create paper backup" feature of Armory.
If I ever want to send any bitcoins from my wallet and address I delete the wallet and address later. I only send bitcoins by generating a send signature using an Armory offline wallet that is temporary installed on a live CD, and activate the send signature with a "watch only" online wallet. The offline-wallet will never and have never touched the Internet.
This way I should be able to always have access to receive and send my bitcoins if I still have the paper where I wrote down wallet encryption key, bitcoin addresses and wallet root code, and don't have to worry about data corruption or other hardware/software problems.
Is this a safe method? I plan to put about US$10000 in Bitcoins in cold storage now, but I just want to hear what you think about it before :)
Sorry for beeing a noob to this. I have read about generating codes offline using bitaddress.org as an HTML file, but I have not heard from enough people checking their code to see if the "random addresses" is pre-generated by some way and not as "random" as one might think.