Florchita,
I am fairly certian that this IS something that you can do. You will need to setup the hold/unhold feature access code. After you have done this you will be able to place the existing call on hold by first pressing the hold button (or do a switch-hook-flash) and when you receive tone back on the phone, enter the hold/unhold feature access code and the call will be placed on a hard hold and you will be connected to the new call. When done with that call, just hang up, and the phone will ring back with the call that was on hold.
You also can use this to transfer or conference calls. When you flash the switch hook you are putting them on a short hold, when you use the hold access code you place them on long hold.
So to conference flash the switch hook, dial the next person and when connected flash again, all three should be connected.
To transfer flash the switch hook, dial the next person and you can either announce the call then hang up or just hang up and the call transfers.
These of course depend on some of the settings in your switch, it is popssible to prevent users from some of the functions.
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