WIth certian restrictions, this is totally possible. Indeed, I do this all the time - I generate a silver light deepzoom image on my local disk and then create a web page that the user can double-click and it works fine.
First, the restrictions: if you are using collections one often has to load some data file to know where to locate each msi in the collection - that requires a web request - and I can't figure out how to make that work locally. For whatever reason, the MSI control has no trouble loading files locally.
So, here was how I put together my web project. In the root folder I have the xap, etc., that contains my silver light control (which is dirt simple). This is basically equivalent to the ClientBin folder. Now, inside that folder I put a "meeting" folder, which contains the output from the composer tool ("meeting_files" and "meeting.xml"). THe meeting_files, of course, contains all the bits to the MSI.
Now the root HTML file is pretty simple - for the MSI's source argument I just give it "meeting/meeting.xml" - a relative path.
And that works for me. Let me know if you want more info (well, this is so long after you asked the question it might not matter any longer). Performacne when things are local is great - but for a decent sized image it can take forever to download all the files. Some of my really big deepzoom images are 10 GB!