Restrict programs from accessing the Internet
Solution 1:
I think you're looking for NetLimiter:
NetLimiter is an ultimate internet traffic control and monitoring tool designed for Windows. You can use NetLimiter to set download/upload transfer rate limits for applications or even single connection and monitor their internet traffic.
Along with this unique feature, Netlimiter offers comprehensive set of internet statistical tools. It includes real-time traffic measurement and long-term per-application internet traffic statistics
There are 3 available versions of NetLimiter 2 - Pro, Lite and freeware Monitor.
Solution 2:
Yes. Install a firewall that can block outgoing connections. For example the firewall that comes with Windows Vista and 7 has this feature, but XP's doesn't, so you'd have to install a separate application.
Initially all applications will be blocked and you have to allow them access, so when the application you want to block tries to connection just deny it access. You should also be able to set up rules manually.