Is it possible to take an existing ePO policy for VSE or HIPS export it from ePO and manually import it (via CD, USB, etc.) on a system that is not on the network?
Yes, it will work.
Make sure that both the ePOs are at same version and patch level and product extension build is same in the both the ePO server (Menu=>Server=>Extensions).
Sorry. I wasn't clear enough. I'm looking to import the policies on a standalone box. Not another ePO. Just a plain old system that is off the network. Need to import AV and HIPS policies and have them take effect just the same as if they were pushed from the ePO server.