PL/SQL in 9i now supports the CASE statement directly. In some versions of 8i, you'll also be able to simulate this using select-from-dual.
CASE v_grade
WHEN 'A' THEN dbms_output.put_line('Excellent');
WHEN 'B' THEN dbms_output.put_line('Very Good');
WHEN 'C' THEN dbms_output.put_line('Good');
WHEN 'D' THEN dbms_output.put_line('Fair');
WHEN 'F' THEN dbms_output.put_line('Poor');
ELSE dbms_output.put_line('No such grade');
END CASE;