Is it ok to run a computer for life without internet connection or updating?

I have purchased a refurbished windows 7 laptop, it will have software installed (Pinnacle Studio 20, Nikon Capture, Cyberlink Photo Studio, and Irfanview 64bit), but will never be in range of the Wi-Fi or Ethernet connection.
Will it be OK to run it without updates as these programmes will be all it is used for, and will it continue to work without updates?
Other machines in the home will have internet.

Yes that's fine.

The programs will not stop working because they're not updated; or at least most programs won't. Though some programs like to "phone home" every-once in a while to verify their license but that probably won't happen with your programs…

Sure.

If it's not connected to the internet, then it's almost impossible to get a virus on it ( I do say almost). Therefore there's no reason to need updates either. It will simply continue to work as it is.

Yes.

Most say yes. I say maybe. That is because the information there now, the operating system, hardware drivers, and software you use--nobody claims that they are perfect. Some action you might take could lead to a fault. Some crucial bit of code might be overwritten by some unforeseen combination of instructions. With no updates the errors might arise, accumulate, lead to failure.
One choice is "Don't fix what ain't broke". Another is "Static might be stagnant."

It would be a good idea for you to copy the disk image of your computer so you can restore it if/when something happens to mess everything up.