It's possible, yes. It's just not terribly practical. You could have the data files there, not the tables, and you could attach and detach the database. But, it's going to have to either be a very small database, or you have to do cross database queries.

What about just creating a separate schema within your database and restrict access to it?

Also, you posted this question in a forum dedicated to SQL Azure. That's very different than SQL Server, so you might not get as many answers because different people monitor different forums.