Epubs are more or less just websites, in a zip and with additional infos, like a toc etc and only using a subset of css. Calibre for example has a converter for epub2 to htmlz (just a html inside a zip). The problems come, when you want to automatically change the css to fit your site, or you want to do data manipulation. If I remember correctly, there was a project by skreutzer somewhere here, who tried to work with strict and semantically rich xml to enable automatic conversions and other things.
For offline reading of websites, one could either wrap it inside a lightweight server or just make all links relative, if no scripting language is used. No solution for dedicated eReaders, but shouldn't be a problem for android and ios.
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