Solution Description:
Oracle 9.2 Client software requires that you give the Authenticated User privilege to the Oracle Home by following these steps:
1. Log on to Windows as a user with Administration privileges.
2. Launch Windows Explorer from the Start Menu and navigate to the ORACLE_HOME folder. This is typically the "Ora92" folder under the "Oracle" folder (i.e. D:\\Oracle\\Ora92).
3. Right-click on the ORACLE_HOME folder and choose the "Properties" option from the drop down list. A "Properties" window should appear.
4. Click on the "Security" tab of the "Properties" window.
5. Click on the "Authenticated Users" item in the "Name" or "Group or user names" list.
6. Uncheck the "Read and Execute" box in the "Permissions" or "Permissions for Authenticated Users" list under the "Allow" column.
7. Re-check the "Read and Execute" box under the "Allow" column (this is the box you just unchecked).
8. Click the "Advanced" button and in the "Permission Entries" list make sure you see the "Authenticated Users" listed there with: 
Permission = Read & Execute
Apply To = This folder, subfolders and files

If this is NOT the case, edit that line and make sure the "Apply onto" drop-down box is set to "This folder, subfolders and files". This should already be set properly but it is important that you verify this.
9. I checked the "Replace permission entries on all child objects with entries shown here that apply to child objects" checkbox and clicked the "Apply" button. (This was not specified in the original instructions, but it worked.)
10. Click the "Ok" button until you close out all of the security property windows. The cursor may present the hourglass for a few seconds as it applies the permissions you just changed to all subfolders and files. 
11. Reboot your computer to assure that these changes have taken effect.
12. Re-execute the application and it should now work.







I had a similar problem running IIS/ASP on Win 2003 Server and XP Professional. For those interested here is what I did to fix it:
Win 2003 Server:
Temporarily added the IUSR_MachineName to the Administrators Group. Stopped Re-started IIS. Verified my Application worked OK. Removed the IUSR_MachineName from the Administrators Group. Stopped/Re-started IIS. My App continued to work OK. Re-booted server. Still worked. Not sure why. I can only assume a registry setting was needed for IIS and only when the permissions were there could it do it. No other permissions were changed.
XP Professional:
Added a Network Share for the %ORACLE_HOME% directory and made sure to check the "Do not allow users to modify my files" checkbox.
Note: I tried the the Win 2003 Server solution above but it didn't work on XP.

Hope this helps someone.