i'm not sure if it's still available through the faa, but a few months ago i went to the faa.gov website and downloaded the far's and aim. granted, it took a lot of time to download each chapter, then to print them, but i had a lot of freetime on my hands at my old job - and the resources too (printer, reels of printer paper). all in all it took two 2-inch binders to put them all in.
ok nevermind - just found the website. they've updated the format, but all relevant information is in there.
Here are some other links to the FAA versions. The advantage of getting them from the FAA, as opposed to a private vendor, is that they will always have the latest revisions - a lot of pilots don't realize that the FARs update throughout the year, just like charts and approach plates (though in reality they don't change that often). Anyway, they should be downloadable, though I've never bothered to try (I have them on CD-Rom from one of those private vendors...) - hope these links help:
If the FARs are not conveniently downloadable, here's a link to a text version of FAR-61 on the FAA site - you can save this link and then by changing the number at the end from 61 to 91 or 121 or whatever, you can get other FARs in text format as well. I have used this link and it does work.