I came across this article which describes how to install Dynamics CRM 2011 with SQL Server 2012:
It basically involves building new installation media to include Update Rollup 6 as part of the base Dynamics CRM 2011 installation.
However, the one change that I made to the instructions was instead using the /extract switch with each of the executables rather than simply beginning the installation and cancelling it midway. The switch should look like [executable name] /extract:[extraction path]
You can see this syntax by running the executable at the Run command with the /? switch as well.