Yes, you can also do it that way, using string manipulation. Here's another way to do it using string manipulation using a combination of the LEFT, RIGHT and SUBSTRING string functions:
DECLARE @Date VARCHAR(10)
SET @Date= '22/01/2010'
SET @Date= RIGHT(@Date, 4) + '/' + SUBSTRING(@Date,4,2) + '/' + LEFT(@Date,2)
SELECT @Date
Regards,
SQL Server Helper