need advice for query time on Oracle

I am not an Oracle DBA, but a Java programmer. We have this Java web application which runs on a Weblogic server and it connects to the Oracle 8.1.7 through JDBC, driver is type5 thin. The web server is on the same machine with the Oracle server. This machine is our production server which has 10 cpus, ram is 10G. Supposed to be super good, OS is solaris. Both the two servers are mostly only used to serve this application, not heavy loaded.
I test the program, and get the query time through Java, and found it takes about 500 ms to execute the query( the query time is the time to call java Statement.executeQuery() method). This table contains about 5,0000 records, each with about 50 fields. The query is like:
select a, b, c, d, e...etc where id = xxxx The id in the table is indexed. I checked the query plan, and it seems the query does use the index.

I am really puzzled by this "500 ms to execute such a simple query on such a super server with everything we want". I am not happy with this performance, but as application programmer, I can do nothing on the Oracle side.

To convince my colleague that we need to tune the Oracle server, I then installed Oracle server and appliation server in my own PC(P4, 1G RAM). And the query time is about 140 ms.

So, my question to is that:
Is this 500 ms a fair query time?

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