The exe is a shell that downloads the actual msi. To install without an internet connection, you'll need to download the msi from here:
http://dl.google.com/dl/gwt/plugins/ie/1.0.7263.20091208111100/gwt-dev-plugin.msi
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http://ui-programming.blogspot.com/2009/12/update-your-application-to-gwt-20.html
Cheers!