Hitachi, Xybernaut, Shimadzu and Colorado MicroDisplay are jointly designing and developing a wearable Internet appliance that will enable hands-free, mobile access to the Internet. Its prototype weighs about 230 grams. The appliance was displayed at Booth 626 at the Consumer Electronics Show in Las Vegas in January. A search of the New York phone directory turned up 11 Altschuls, none of whom was her.
Carbon is conductive so the idea of printing circuits on paper is valid.
I don't know what the power constraints would be. This type of circuit would be slow because of its size if nothing else. And flexing the paper would probably cause fractures in the circuit. But it should be possible to design a slow circuit that can be printed on a laser printer. I doubt it would be of much use in a phone though, and there is probably proprietary encoding needed to get onto the existing phone systems.