Can Microsoft Log Parser 2.2 open SQL LDF files? From the technet article for Microsoft's Log Parser 2.2 it states that

"Can't find an input format you need?  The new COM input format makes it possible to create your own custom Input Format and plug it into the Log Parser engine."

Is it possible to create such a COM input format for Microsoft SQL LDF files (2005/2008), and if so any examples of how it can be done?

We are wanting the ability to investigate the LDF files to better support our development staff without breaking the bank.
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.