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.
Developer Kits
Crossbow Technology WSN Developer Kit
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.
Digi Connect ME JumpStart Kit for Microsoft .NET Micro Framework
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.
Device Solutions Tahoe Development Kit
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 i.MXS Development Kit for SideShow
Freescale's high performance i.MXS Development Kit supports .NET Micro Framework applications.
GHI Embedded Master Development System
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.
SJJ Embedded Micro Solutions EDK
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.