I have found a similar thing using the latest Oracle 9.2 driver (the 220.127.116.11 version of ojdbc14.jar) and 3.2.7 when running under HP-UX 11i and Oracle was running on the same machine. Waiting for a connection takes upto 75 secs.
Strangely, this does not occur when running the same code on a Windows XP machine and pointing the database to the HP-UX machine. Or running JBoss and Oracle on the same XP machine.
I thought upgrading to the latest driver would solve this, unfortunately it hasn't.