Aashish,
First the short answer, no you cannot start a thread in VFP as it is not a Multithreaded langauge.
Second, doing your query every second is probably a large part of the problem. I would suggest doign the timer query every 3 - 5 minutes and giving your self a button in the form which you can use to do an immediate update. The time firing every second is most likely never dormant. It fires, runs the query to Oracle and then immediately fires again.
If you think about it you very likely do not need this form refreshed every second. What you really need is for it to be refreshed whne you choose to look at it. This can easily be done by a command button that runs the query and refreshes the form. When you want to see the user, click the button. With this approach you can likely do away with the timer all together. Doing away with the timer will do away with the resource hog.