Reading microSD card directly from USB serial port

An SD card uses an SPI interface. You can talk to it with any device that can handle SPI, like the arduino. So the arduino can talk to your card and then use that data for something. Like in the Lady Ada sound shield or in various graphics LCD shields.

However, SPI is not a protocol that the PC talks, things like card readers convert the USB protocol to SPI and back to USB so the PC can make sense of it.