I have the following code in one of my Sql (2008) Stored Procs which executes perfectly fine:
CREATE PROCEDURE [dbo].[Item_AddItem] @CustomerId u
If you wanted to simply assign some variables for later use, you can do them in one shot with something along these lines:
declare @var1 int,@var2 int,@var3 int; select @var1 = field1, @var2 = field2, @var3 = field3 from table where condition
If that's the type of thing you're after