Rick,
I suppose that it's possible. SQL Server uses a different architecture for storing row into a table. The BOL has a brief discussion. You can find a more detailed discussion in the book Inside SQL Server 7.0.
Basically, SQL Server stored data in an 8K page, but only about 8060 bytes can actually be used. Plus there's some overhead on both the page and each row that consumes space.
Also, you can experience fragmentation within SQL Server. Check out DBCC SHOWDCONTIG in the BOL.
-Mike