Generating a Sine Wave

Sure you will be able to store values in FPGA's onchip memory, for that you need to instance one onchip memory component and initialize it's hex file with whatever data you want. So when you program FPGA; on-chip memory will be initialized with values you put in hex file and then you can read value from this memory and throw it to DAC and observe the sine wave on output of DAC.

But I suggest to use off-the-shelf NCO component avaliable in Quartus II to generate sine wave, you may find some reference design on how to use NCO on altera's website. Output of NCO can be directly given to DAC or you may need to use one or two flop to synchronize everything properly at high speed.