The answer is 'yes', but indirectly.
It will not be possible (AFAIK) to write NETMF code on the Netduino that talks directly to Windows Azure SQL Databases, but it's totally possible to "wrap" Azure SQL up behind a restful web service, hosted in an Azure Cloud Service that talks to the database, and then write to the RESTful service, which then forwards the data to the DB.
Hosting a service in Azure that writes to a database is pretty well documented, and then calling into that service from NETMF on Netduino looks something like what this guy did here:
http://forums.netduino.com/index.php?/topic/971-webservice/
Take a look at the sample code by "Osi", which is taken from the .NET MF Socket Client sample (in fact it's a Temperature Logger, which is not too dissimilar to what you're trying to do...)