The "right" way to store a file in a SQL Server 2008 database is to use the FILESTREAM data type. I'm not aware that the Entity Framework supports that, but you can certainly try and see what happens.
That said, most of the time when people do this, they don't store the file in the database. Doing so means that you need to go through ASP.NET and the database server just to serve a file which you could be serving directly from the web server. It can also somewhat complicate the backup picture for your database and site. So when we upload files to our MVC/Entity Framework, we store only a reference to the file location in the database, and store the file itself elsewhere.
Obviously, which strategy is right for you depends a lot on the particulars of your application.