And even IF escaping quotes would work... there's just no point. Using parameterized queries should be done -anyway- since it helps the Query planner to cache and reuse query plans (which gives stored-procedure-like performance even without using em), among other things...so even WITHOUT thinking about security, you should be using it.
And as a neat side effects, it protects from all sql injections (unless you do something stupid like take a parameter from a SP and run execute sql on it...). It also puts the burden on the drivers and database itself, so if T-SQL changes tomorrow and add features that could be exploited, you're still safe, while if you just escaped dangerous words/characters, you'll be vulnerable.
All these little "tricks" like escaping quotes or other char are from a day before these things were common knowledge, or in some languages were often unavailable (its been possible to use parameterized queries since VB4 i think, but few people knew about it... some other languages had it available, but often in modules that weren't always installed. Fairly old versions of PHP had that issue with some crappy web hosting companies, so people learned to escape strings instead, even though it was less than ideal)
Parameterized queries is the first line of defence. Of course, all the other application & database best practices still apply and are required to protect you against other types of exploits and coding mistakes, such as input validation, but first thing first, parameterized queries.