Can Microsoft Log Parser 2.2 open SQL LDF files?
Log != transaction log

That said, if you were hell bent on torturing yourself or a development team with an arduous time consuming task that would yield minimal value, this would be an ideal project. The cheaper option (if viewing transaction log records is really what you need) would be a 3rd party tool like ApexSQL Log.

Depending on what you're trying to achieve with this, the undocumented fn_dblog command might be of interest to you. Also see Tracking Transaction Log Activity in Denali for a neater way of handling this with extended events in the 2012.

If you expand your question with a better description of why you want to look at log records, we can suggest alternative (less hacky) approaches.