I haven't heard of a read-only property for an ODBC connection. Howver, there are a number of things on the SQL Server side that you can do to ensure read-only activity.
You can make the database read-only using:
sp_dboption 'your database name','read only', 'true
You can implement security on SQL Server such as:
* Assign account(s) to belong to the DB_DATAREADER role, giving them read-only access, and connect with those account(s).
* Assign accounts/roles to have SELECT permissions to tables.
etc. etc. etc.
If you could provide more details as to why and how you are wanting to do this, it would be easier to give a more direct answer...
Tom