Technical question;  Is is possible to execute an SQL select statement
from within Oracle to select data from a SQL SERVER database table? 
And vice versa.
Thanks
Cole

You can do it from SQL by adding the Oracle server instance as a linked server. 

I do not think it is possible the other way.

You can do it in Oracle in a couple of ways. (depends upon version -
you didn't indicate what version of things you have)
1. In Oracle load the thin Java client for MS and write a pl/sql
wrapper for the select to call the Java JDBC driver to call MS SQL
Server.
2. Buy Oracle's Transparent gateway product.
3. Write an external routine in Java, C etc. and have Oracle call that
as a function.  You will have to write a pl/sql mapping wrapper.  See
documentation for a generic example of writing an external call out.

I don't know about going the other way. (MS SQL Server to Oracle)  You
can write something as an external program on SQL Server and have it
call that.  The external program could use ODBC to connect to Oracle
(You would need the Oracle client installed on the SQL Server
machine.)  You can download the client from otn.oracle.com