In Oracle versions prior to 9i, a column cannot be renamed directly; however, workarounds include creating a view with the new column names or using the CTAS command to create a new table with desired names. The view method requires adjusting user permissions, while the CTAS method necessitates dropping the original table, which can lead to significant data management overhead. Both methods come with their own challenges, such as the potential for full table scans and the need to re-establish constraints and permissions.