first thing ur question is not precise and clear. For accssing data u will definately need the oracle server to be installed atleast at one machine, to which u will have to connect through ur VB application for performing database actions like add, delete, update etc... and on the client machines u need to create the same DSN in ODBC as used in ur VB application.
So this is the setting for a multiuser environment. but for a single user or stand alone application u need to have both oracle server and VB application on the same machine but still the ODBC stuff will be required.
And yes he is right just install the client softwared on Client sides.
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