http://www.devx.com/tips/Tip/17608

create function initcap (@text varchar(4000))
returns varchar(4000)
as

begin
declare @counter int,
@length int,
@char char(1),
@textnew varchar(4000)

set @text = rtrim(@text)
set @text = lower(@text)
set @length = len(@text)
set @counter = 1

set @text = upper(left(@text, 1) ) + right(@text, @length - 1)

while @counter <> @length --+ 1
begin
select @char = substring(@text, @counter, 1)

IF @char = space(1)  or @char =  '_' or @char = ','  or @char = '.' or @char = '\'
or @char = '/' or @char = '(' or @char = ')'
begin
set @textnew = left(@text, @counter)  + upper(substring(@text,
@counter+1, 1)) + right(@text, (@length - @counter) - 1)
set @text = @textnew
end

set @counter = @counter + 1
end

return @text
end