Just a friendly reminder, after creating the DDL statements using DB2LOOK you'll have to make some adjustments to the script to conform to MS SQLServer syntaxes.
Mostly, what you'll have to look for are different data types declaration and table storage options.
And another information, just appending to Andy's solution: To import the extracted data into MS SQL you'll have to use the DTS (correct me if I'm wrong). Once I heard that DTS was able to connect to data sources and extract data directly from them using ODBC. Never tried it, but I think it's worth looking for.
HTH,
Fernando