If one were to print the internet, in its entirety, would there be
enough trees to to be able to compile all of the text? Using: printer
paper 8 1/2" X 11", double sided, 8 pt. font, webtext.

You will find the following links interesting:

http://www.sims.berkeley.edu/research/projects/how-much-info-2003/print.htm
http://www.sims.berkeley.edu/research/projects/how-much-info-2003/internet.htm

The short answer to your question is ?yes?, easily.

The authors of the above study estimated that in 2003, the internet
(consisting of the ?surface web?, the ?deep web?, original copies of
e-mail, and instant messages) consisted of some 532.9 PB (PB =
petabyte = 10^15 bytes).

The annual worldwide production of printing and writing paper in 2001
was 94.8 metric tons (MT).  An additional 37.8 MT of newsprint was
produced that year.  They used an information storage density of
6GB/MT for printer paper to estimate that the paper produced just in
2001 had a storage capacity of 568.8 PB, which is comfortably larger
than their estimate of the total quantity of information on the
internet in 2003.  Using a storage density of 12GB/MT for newsprint
adds an additional 453.6 PB of storage.

Clearly, if the storage capacity of the paper produced in a single
year is sufficient to store the information on the internet, then
there are sufficient trees available to meet the paper needs.

I just wanted to comment on hfshaw-ga.

a metric ton is 2200 pounds if as stated the world production would
only be 94,8 metric tons, then even the US schools would be greatly
undersupplied

MT stands for million tons and the tons internationally speaking are metric tons.

so we are actually looking at 94 800 000 metric tons of paper

12 GB per MT storage capacity means that one terra byte requires 83.3
tons of paper to be printed

1000 TB in 1 PT ==> one would need 444 083 333 metric tons of paper to
store all the info. (based on the other comments data)

Which means that todays paper production of 4.7 years is needed to
print all the internet info in 2003.

even if one would consider that the information in the internet grows
at 100% per year, which would mean in 2005 it would take the paper
production of ~20 years to produce the paper it is still not enough
data to put even a dent into the amount trees that is available.

All trees in the northern hemisphere absorb ~3 500 000 000 tons of
Carbon - which along with water and minerals will grow a tree, which
means that we are looking at least at a mass increase of 50% ==> 5.25
Giga tons of additional trees per year in the USA, Europe and Russia.
http://www.cotf.edu/ete/modules/carbon/efcarbon.html
Ya - I know this includes the leafes!

Which in return means that 8% of the total carbon absorption into the
trees in the northern hemisphere is enough to print all the data.
Considering that the average farm tree is 25 years old we are looking
at 0.32% of the trees in the US, Europe and Russia are enough.

Your limitation are not the trees it is the amount of paper which can
be produced in a year and considering the growth rate of the internet,
there are not enough printers to keep up with the data to be printed.

Keep in mind I only spent little time to check hfshaw's data!

And then again who would really want to print all of the internet!

Thanks for catching my error in interpretation of the abbreviation
"MT"!  I have to admit, I was rather surprised by my original result. 
Your's is much more in line with what I would have expected.

Hey, some say that paper is the best preservind medium. Try to play
that old movie tape or a game on that 5.25" diskette of yours and see
how fast the medium changes.

As to the Internet, there is so much junk out there that it should not
be even allowed space on the servers, nevermind the precious paper.