If you want to target real hardware with your .NET Micro Framework programs you will need to obtain a device. I pulled this information from the .NET Micro Framework pages on MSDN.
The Imote2.Builder Kit includes everything you need to create wireless sensor networking applications, including three development boards with embedded radios and two sensor boards.
The industry’s first Ethernet networking solution for .NET Micro Framework. Digi JumpStart Kits are a new breed of development kits that make it easy, fast, and economical for engineers to develop network-connected devices.
The Tahoe Development kit, featuring the Meridan CPU, allows for experimentation, evaluation and just plain fun, while slashing the time it takes to transition from prototype into production.
Freescale's high performance i.MXS Development Kit supports .NET Micro Framework applications.
The Embedded Master includes FAT file system and USB host support, in addition to Ethernet, CAN, and other connectivity options, to provide everything you need to get started developing small devices.
Includes a multipurpose development board with the .NET Micro Framework installed and ready to run C# applications. Suitable for a wide variety of embedded applications, the EDK is ideal for engineering students, hobbyists, and OEMs of small devices.