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1) look up paper wallets.

bitcoin is at a stage where it's not trivial to secure if you are not a technical person. There are companies that are working at making this easier by providing the security and even insuring the bitcoins if something happens. When services like this are out we will see a huge turning point IMO.

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I've been looking for a liveCD based offline paper-wallet solution, but so far no luck. Perhaps someone can point me to one? The point is to generate a paper wallet on a machine with no capability of retaining the keys after the paper wallet has been generated - and the only way I know how to do that is through the removal of hardware (no hard drive, no USB stick, no networking. Maybe no speaker either.)

That would be the cold storage option I mentioned would it not?

AFAIK there is only one company that has claimed the insurance angle(Xapo) and if you read the policy you basically need to have the person that stole them be arrested before they will pay out.

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