Probably. I just scanned notes I had collected over many years to make space in my office. By scanning them in my auto feeder to PDF format, every page converts to about 100k. So a shelf full of paper is easily replaced by a single CD. Sadly the scanner produces images of the page and so it would still need OCR conversion to text. Well, it's not going to happen and it would be pretty useless anyway. So I bundle them into 25 page documents with a useful title.
We took two large garbage bags to the recycle bin today. Very satisfying.