This was my thought, too. Use a point-based versioning-like scheme as a string (1.1.25, 1.1.26, 1.1.26.1, 1.2, etc). You will have to worry about adding prefixed 0s, though, as powers of ten are increased if you want it to sort correctly, and of course there is presumably a hard-limit on the size of the string.
It might be possible to have a table that keys to the first that has a level and a value. For 1.1.26.1 above, it would have the rows (1, 1), (2, 1), (3, 26), (4, 1) (with keys to the table rows). Not sure exactly how to write the sql to join it all together and sort it, but it seems possible, at least if you have some known maximum number of levels.
if you use the full unicode space as alphabets, you can probably get a lot of mileage out of just having a 255 char column (or bigger, if expecting a large number of items constantly changing). Most databases will have a inbuilt way to lexographically sort text, and so you won't have to do anything extra. The smarts is in the computation of the ordering string.
It might be possible to have a table that keys to the first that has a level and a value. For 1.1.26.1 above, it would have the rows (1, 1), (2, 1), (3, 26), (4, 1) (with keys to the table rows). Not sure exactly how to write the sql to join it all together and sort it, but it seems possible, at least if you have some known maximum number of levels.