Yep. You need to download and install the 32 bit Oracle client (this page has some, or you can use the full "fat" Oracle client: http://www.oracle.com/technetwork/topics/dotnet/downloads/index.html )
After that, you can load the 32 bit ODBC manager to configure your connections. That's different from the 64 bit ODBC manager, which is the one that comes up in control panel. For the 32 bit one, try c:\windows\syswow64\odbcad32.exe
That's where it is in Windows 7, I don't have a server 2008 handy to look but it's probably similar.