I make it all the time at home by bringing water to a boil then adding the oatmeal and taking it off the heat. I don't heat the water after adding the oatmeal.
I do this before going to bed, and the oatmeal is done in the morning. I just warm it back up. I found the instructions for preparing it this way in an Irish cook book.
Prior to this I was soaking the oatmeal overnight in room temperature water, but still had to bring it to a boil and simmer it for a while to finish absorbing the water. I suspect it would taste uncooked too, but I never tasted it before cooking.