I don't think you can.... (Not positive though).
It may be possible to have backed up your Steam APP before the update; set the game to never update, and restore the backup (but you'd have to have made it prior).
NV refuses to install without online access; my guess is that it will force an update... but if you can get it to install off of the DVD (if you have one) it may be possible to manually avoid the update with some effort. :shrug:
** Why do you wish to revert? (It may be possible to alter aspects of the update back to previous behavior with a [PC] mod; And keep the bug fixes.)