Oscars live with piranah in the wild, and have been seen grouping together and protecting a hurt one against a school of red bellies. Many say they make great tankmates....at least, unless the oscar gets sick or old...then the oscar will be oscar no more as OFL mentioned.

It would certainly work in a tank of 240 gallons or more with several oscars and several piranahs.
If you plan on keeping them seperately which i would advise, you will need several piranha to start out with. I recommend no more then five or six. Keep in mine they can reach ten inches or more in length, and have voracious appetites. If they are underfed they will not hesitate to bite the hand that feeds them. You will need an apt filteration system as they are very messy feeders(double filteration recommended) and a steady supply of live food. They are most certainly not beginner fish and i would only recommend them if you have had several years of expierance. Another option as opposed to red bellies would be silver dollars, which look similar in apperance and make better tankmates for oscars. There is a great article in the members articles section regarding silver dollars:)
Cheers,
Art