Ordinarily, I would suggest searching
Ask Tom for stragg. However, since you cannot or will not use the best approach.
This works for your supplied data set, and may be generalizable to other data sets, depending on the real structure of you data. Also, it requires Oracle 9.
Code:
SQL> SELECT * FROM t;
COL1
--------------------
a
b
c
d
e
SQL> SELECT REPLACE(col1, ' ')
2 FROM (SELECT SYS_CONNECT_BY_PATH(col1,' ') col1, level
3 FROM t
4 START WITH col1 = 'a'
5 CONNECT BY PRIOR col1 < col1
6 ORDER BY level DESC)
7 WHERE rownum = 1;
REPLACE(COL1,'')
------------------
abcde
HTH
John