Dropping a column from a table in Oracle requires the command 'alter table blah drop column blahcol', which cannot be reversed and may significantly impact performance. Alternatively, columns can be marked as unused using 'alter table blah set unused column blahcol', allowing immediate execution without performance issues, but this does not free up space until 'drop unused columns' is executed. Pre-8i versions involve a workaround using 'create table as select' to remove columns, but this process is time-consuming and necessitates re-establishing constraints, indexes, and permissions.