If I'm understanding correctly ... yeah, you could retrieve both updates and comments in 1 query.
The exact sql depends on which columns you need to display in the output. But in general terms, just add a JOIN to the comments table and add the "cComment" column to your select list.
SELECT s.sID, s.wUserID, s.sStatus, s.sCreatedDate, u.FirstName, u.Surname, c.cComment
FROM statusupdates s
LEFT JOIN users u ON s.wUserID=u.wUserID
LEFT JOIN comments c ON c.inreplyto = s.sID
ORDER BY s.sCreatedDate DESC, s.sID
You could group the comments beneath each update by using cfoutput's "group" attribute. Just be sure to ORDER BY and "group" by the same columns or it won't work properly.
<cfoutput query="yourQuery" group="sID">
<!--- show status only once --->
#sStatus#<br>
<!--- show individual comments --->
<!--- NOTE: Using nested <cfoutput> tags is deliberate!! --->
<cfoutput>#cComment#</cfoutput>
</cfoutput>