I'm sorry you're out of luck here for a general solution – if you're bound to use Microsoft SQL Server, which does not offer computed element constructors with names that are computed on the fly (like @dirkk is using).
When you know that this element is always called "Node", you can do following (using a fixed node name):
element Node { /Node/@* }
If you also want to include (direct) text children:
element Node { /Node/@*, /Node/text() }
If you need to support arbitrary element names: you cannot do this with XQuery in SQL Server.