Cat's got your tongues :) Figured it out. The solution, proven to work, is as follows:
LogParser.exe -i:IISW3C file:iislogquery.sql?logpath="V:\\Logfiles\\XYZ" -o:SQL -oConnString:"Driver={Oracle in XE};DBQ=XE;Uid=mydw;Pwd=mypswd"
The IP address can be included in DBQ, but is not needed when operating locally.
To find the driver name (between the squiggly brackets), look in (Windows XP Professional):
Control Panel -> Administrative Tools -> Data Sources (ODBC) -> System DSN tab -> Drivers tab and look for a reference for Oracle. Mine said "Oracle in XE," which was the only reference to 10g Express Edition, and it worked.
Nathan