No, in order to activate Dragon NaturallySpeaking v11, you will need an internet connection.
The steps below will walk you through the process of activating Dragon NaturallySpeaking version 11.
STEP 1: Launch Dragon NaturallySpeaking v11 and Activate
1. On your computer, go to Start > All Programs > Dragon NaturallySpeaking v11 > Click [Activate Now] then [Activate Manually].
2. Verify the Serial Number and go to the activation link.  Make sure the serial number is entered correctly (0′ not O’s) and go to the link. 
Nuance Activation Link  

STEP 2: Generate your activation key
1. At the activation page, enter the serial number, machine fingerprint and select the [Generate Activation Key] button.
2. Copy and paste the generated Activated Key into the activation dialog.  Verify the key in its entirety and click [OK] to activate the product.
Congrats, you’re done!
Verification Source: In-house testing