"In fact many feel that the Oracle's bodyguard Seraph was the previous One before Neo and that even though his physical body is no more, his consciousness was copied into the Matrix and is now used by the Oracle for protection."
Interesting idea. Would explain how he was able to hold his own against Neo when other programs were easy prey for Neo.
"After Neo was freed from the Matrix, Morpheus brought him to see the Oracle. She could have just told him flat out that he was the One, but knew it was something he'd have to work for. ... to start him down the right path she tells him Morpheus' fate and gives him a cookie. "I promise you that by the time you're done eating it you'll feel right as rain." But, this isn't no ordinary cookie, it’s an upgrade to his program. Remember how in Reloaded the Merovingian was able to put 'Spanish Fly' in a pastry? Well the Oracle did something similar to Neo. She may have even placed the replicating program for Agent Smith in the cookie."
"When the Oracle meets with Neo again she offers him candy. Perhaps another upgrade to his program."
Now that's REALLY interesting. The Oracle's cookies/candy could have all kinds of interesting stuff in them. Neo could be the One simply because the Oracle programmed him to be the One.
And a side note:
Notice that the train station in Revolutions is called Mobil Ave? Shuffle the letters to Mobil around, and you get 'Limbo'.