Currently, the only way to truly centralize/encapsulate this kind of logic (which is what I assume you're trying to do) is to use a CLR type. The good news it that this solution works with 2005+.
One alternative is to centralize the validation logic into a UDF, and then create individual check constraints that reference the UDF. If you're not using CLR already, this may be the best solution.
CREATE TYPE is very limited: when referencing a system type, it's just a type alias and nothing more. It would be nice to, for example, declare a check constraint (or something similar) that's associated with the type itself, but this is currently not implemented.