An example of this can be seen at my blog (http://blab.magicseth.com/) in the entry titled "Print Me!"
This particular instance is implemented using CSS and HTML. CSS are cascading style-sheets which allow the presentation of HTML to be specified on a per-media basis. In this case, a rule is added which hides some content when viewed on the screen, and other content when printed.
The CSS code is:
<style type="text/css" media="screen">
.printonly { display: none }
</style>
<style type="text/css" media="print">
.screenonly { display: none }
</style>
Then, to hide something from the screen add:
class="printonly"to an element or vise-versa.
Obviously this scheme is not fool-proof: you could read the source of the page, your browser may not render style-sheets, or you could just look at a print-preview. Another version of this technology could be embedded in PDFs. A PDF version would be more versatile and effective in distributing paper-only information
As the result is a tangible, persistent artifact, it is likely that it could further distributed along channels that are not reachable digitally. There are also subversive applications. A deceptive website could change key words in a letter to your senator when printed out. It could also be used to promote ecological awareness, for instance by adding a "use recycled paper" watermark when printed.