Indexing null values in Oracle is something that has been written about a lot in the past already. Nowadays it should be common knowledge that Oracle B*Tree indexes don't index entries that are entirely null, but it's possible to include null values in B*Tree indexes when combining them with something guaranteed to be non-null, be it another column or simply a constant expression.
Jonathan Lewis not too long ago published a note that showed an oddity when dealing with IS NULL predicates that in the end turned out not to be a real threat and looked more like an oddity how Oracle displays the access and filter predicates when accessing an index and using IS NULL together with other predicates following after.