Tony,This is very possible. In fact, you can create a VarBinary field in your SQL Server database to house the image. You can then add a field customization through the BO Mapper in StrataFrame to type this field as a System.Drawing.Bitmap and turn on Serialization. The BO will then automatically serialize the image to and from the database as an image rather than requiring you to do the work everytime.
You will want to add these images to the DB through the BO to allow the serialization to take place. Otherwise you will have a type conversion issue when the BO tries to deserialize the image since it is not in a serialized format.
This is actually what we do for one of our medical products which is a document imaging tool. We have a mode that stores all of the images in a VarBinary field and does exactly what you are trying to do. It is a very nice feature.
Let me know if this doesn't answer your question.