A recordset in VB (DAO or ADO) is nothing else but a representation of a cursor. You cannot run queries against it. If you cannot put load on your database server to run your queries you will have to copy the data into another database engine on the local machine and run the queries against that.
You can do what you want by creating a disconnected recordset.
To make a disconnected recordset all you need is 2 conditions
1) You must choose a CursorLocation of adUseClient
2) After the query has been run you must set the ActiveConnection to Nothing.
(If you plan on updating the database after you changes set the LockType to adLockBatchOptimistic)
Now you can make all the changes you want to your local recordset, when you want to update the database on the server you reset your ActiveConnection to a valid connection object and you call the method
Let me recommend this very usefull tool on download.com:
You missed the point there. Impelsys wants to run queries against the recordset. Of course you can use the recordset without a database connection but a recorset does not allow you to run queries against it just because it does not provide the database engine to run these (with at least a sql parser and a query engine) . Again, a recordset is a cursor in the SQL sense. You can scroll through it, read, update, delete or whatever with it but not run queries against it.
You can of course always sequencially scan the recordset to find your data but I don't even want to think about the memory bandwith you'd need for that when doing 300 queries/s.