Having an address without a wallet
Absolutely! Generate your public and private keys using a wallet, save your keys somewhere, you can even print them on a paper and put it in a save place. I think this is the higher level of security.

Additionally you can split your coins in 10 wallets and print them separately. That way if you need only 0.2 bitcoins you can take two keys and import them in your wallet. This gives you flexibility.