The WP7 SDK does not have the capability built in to read a barcode from an image.
The SDK does have the capability to take the picture though, using CameraCaptureTask.. there is a sample for doing this here.
How to: Use Launchers for Windows Phone
Also, you could take a look at .net projects on the net that offer the capability to read a barcode form a supplied image. For example..
Reading Barcodes from an Image
Microsoft probably won't develop this capability since it can readily be provided by 3rd Party SDKs and there is fairly health barcode expertise out there in the community already.