An index organized table is really just a index with all the columns included in it. You can do that in DB2, but obviously if there is a lot of inserting or deleting, then there is some extra overhead of inserting/deleting the actual row into the table in addtion to the index (but the index overhead is much higher because it must be in exact sequence). If all the columns are in an index, DB2 will almost always use index only access for select statements.
Usually, defining a clustering index is the best solution, however the table will require reorgs on a periodic basis to maintain a reasonable clustered sequence if you have a lot of inserts. Careful coordination of percent free and reorg frequency is also advised.
With a clustering index defined, DB2 tries to insert rows on the correct page, but never reorders rows on a page for the exact sequence the way an index is ordered. If there is no room on the correct page, DB2 will not split the page (like an index would) and just puts the row on a nearby page, or any page if no space is available on a nearby page.
MDC (organize by) is a reasonable alternative, especially in a decision support environment. This is similar to table clustering in Oracle, but with only one table.