Note. I assume you asked if the string is a valid date in the format "MM / dd / yyyy". The format DateTimeitself has no format, so you cannot check it.
Use DateTime.TryParseExactto analyze it:
string text = "02/25/2008";
DateTime parsed;
bool valid = DateTime.TryParseExact(text, "MM/dd/yyyy",
CultureInfo.InvariantCulture,
DateTimeStyles.None,
out parsed);
Note that I changed your format string to what I think you mean - I doubt that you really meant that the first bit should be minutes, for example.
If you do not want an invariant culture, specify another :)