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dave,Of course it is possible. It's all just software isn't it?
If the plan is to build some hardware box to access an SQL server than it's still better to use a real processor, instead of an FPGA design using VHDL/Verilog with maybe a soft processor.
Another possible option, if a minimal footprint is required, would be to utilize a FPGA with an embedded processor, like Xilinx's Zinq which incorporates a Dual-core ARM Cortex A9 into its design, can readily run Linux and in turn can be programmed to access an RDMS using existing scripting, ODBC, .NET (Mono), native API interfaces, etc.
BigDog