The BusinessObjects universe is simply a metadata layer; it does not store data like SAS datasets or Cognos cubes. Fundamentally, the function of the universe is to construct a SQL statement that will be used to create the "microcube" which is then used as the source data for a single report. So, procedural functions, like the creation of temp tables, is not supported. One possible workaround for this is to use stored procedure universes -- this allows the universe to call a stored procedure, and use the results that it returns. The stored procedure, of course, can create temp tables if appropriate.
With that said, the SQL that BO creates can be fairly complex. For example, contexts in universes enable a report to be created that uses fields from multiple fact tables, in order to avoid chasm/fan traps If the universe is structured properly, the query engine will construct multiple SQL statements -- each one using one fact table and associated dimensions. The multiple result sets are then joined together in the report, and presented as a single report block.
So, bottom line, if you need to pre-load or pre-calculate data for consumption by BO, you are most likely going to need an ETL process. If the desired result can be accomplished using straight SQL, then BO can probably do it.