There is a UDF that will do that described here:
User Defined Function to Strip HTML
CREATE FUNCTION [dbo].[udf_StripHTML] (@HTMLText VARCHAR(MAX))
RETURNS VARCHAR(MAX) AS
BEGIN
DECLARE @Start INT
DECLARE @End INT
DECLARE @Length INT
SET @Start = CHARINDEX('<',@HTMLText)
SET @End = CHARINDEX('>',@HTMLText,CHARINDEX('<',@HTMLText))
SET @Length = (@End - @Start) + 1
WHILE @Start > 0 AND @End > 0 AND @Length > 0
BEGIN
SET @HTMLText = STUFF(@HTMLText,@Start,@Length,'')
SET @Start = CHARINDEX('<',@HTMLText)
SET @End = CHARINDEX('>',@HTMLText,CHARINDEX('<',@HTMLText))
SET @Length = (@End - @Start) + 1
END
RETURN LTRIM(RTRIM(@HTMLText))
END
GO
Edit: note this is for SQL Server 2005, but if you change the keyword MAX to something like 4000, it will work in SQL Server 2000 as well.