Install Dynamics AX 4.0 SP2 on SQL Server 2008
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This is officially supported for Dynamics AX 4.0
http://www.microsoft.com/dynamics/ax/using/40systemrequirements.mspx#EUEAC
This is a link to the hotfix (KB944115) that enables SQL Server 2008 for AX 4.0 SP1 and SP2
[PartnerSource] https://mbs.microsoft.com/knowledgebase/KBDisplay.aspx?scid=kb;en-us;893082
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