MS SQL database on a NAS device?

Is it possible to use a NAS device to hold the database for a MS SQL server? I am wondering if I load up SQL Server on a server and have that server pointing to the data on the NAS device. Will this work? The Iomega NAS devices are getting fairly inexpensive and your should be able just to add more NAS devices when you run out of space. Any help or information you can give is greatly appreciated.