Is it possible to manipulate table variables in calc view

Hi experts,

I am wondering at a very high level if something like the following scenario is possible in a calculation view?

For example;

VAR1 = select * from ABC

VAR2 = select * from XYZ

Then step through each single entry of the resultset records for VAR1 and for each record perform a lookup in second resultset records for VAR2.  If a match is found then manipulate VAR2 resultset by appending a FLAG column at the end with a simple Y or N. 

Finally my VAR_OUT will be results of the manipulated VAR2 table.  I don't need actual code I'm just at this point wondering if this is possible or has anybody has done something similar before.  Or at very high level how you might approach it. 

Thanks,

-Patrick