If you are talking about a normal-sized SD card (not MicroSD), you could get it running, however you would need extra software to format the SD card to FAT32. Windows only supports formatting up to 32GB SD cards in FAT32.
Why would you even need that much space?! Even if you install all your games as CIAs, 32GB should be more than enough. I have 15 games installed on my 32gig one and I still got over 12gigs left.