No. How about that for a short answer?
We have been asked multiple times on this topic. It is not impossible, but not really viable either. Let me explain.
If you are CSP Direct authorized (or CSP Reseller), you could resell your end customer Windows and/or SQL Server subscriptions through CSP and host it in a dedicated infrastructure. I do not think it is really worth the time and effort just to host Windows and SQL. The cost in licensing is not that substantial from SPLA. If Microsoft allowed a service provider to host it on shared infrastructure than that would be a different story. You cannot purchase Windows through CSP and host it. Remember, Server Subscriptions for on premise deployments follow the Product Terms, which of course prohibits hosting.
If you are an ISV and want to host your application from your own datacenter, I would consider CSP Servers. Under the current Product Terms, Microsoft will allow Self-Hosted rights. I think this reduces your compliance risk since SPLA is tricky to license to begin with.
Isn’t licensing fun? We provide consulting services around these offerings. If you have questions, feel free to email us at email@example.com
Thanks for reading.