This is my biggest complaint with Cognos, you are not allowed to connect to different databases at the SAME time.
The solutions (above) are work-arounds, you have to find out which one is best for you.
Using Gary's would probably be best for you, but you have to know Access enough to link to Oracle from within Access. However once this is done, it should be no problem.
Using hot files are great, except (as you said) they have to updated also. Making a macro to do this would have to be done.
Good luck
Bruce