There's probably some theoretical limit, but whatever it is, it's much larger than the page size. Oracle rows don't have to fit into a single page. If the row gets too big it is written to multiple pages. This is called "row chaining". Performance may suffer if there are a lot of chained rows, but other than that you won't notice any difference.
By the way this is one of the rather ugly limitations of SQL Server. In a lot of ways SQL Server and Oracle are comparable, but SQL Server has a few really noticable limitations that it will have to deal with in the next few releases in order to establish itself as a top of the line product.