You can create a custom form in Drupal easily using its Form API in a custom module. In the submit handler for your form, you can insert the submitted data to your MS SQL database using any library avaiable in your PHP environment. Connection to the database is the tricky part, especially if your Drupal host is not running a Microsoft OS. In Drupal 7 running on IIS, you can use Drupal's Database API with the MS SQL driver. If your are not on IIS or Drupal 7, this is also doable without Drupal's Database API using PDO ODBC with unixODBC and FreeTDS. I did it, but I had a major issue when using typed bound parameters in my query, see Using typed bound parameters with PHP PDO-ODBC, unixODBC and FreeTDS.
That said, integration of applications at the database level is a bad idea. Such integration is tightly coupled. Any change to the schema of your MS SQL database or they way actual data are stored in columns will break your form submission. The best would be to have your reservation system provides a remote API to insert new data.