Dude, first of all: Chill out. Anyone CAN do research. It is just not a common thing for pharmacists to do. If a PhD is not an option, you need to understand that a fellowship will only allow you to do clinical research. It will not typically let you get involved in really hardcore lab-based research like drug design for example, which would require a Med Chem PhD. Some academic fellowships do have lab-based research components, but most pharmacists who completed those programs aren't really doing lab research. It's difficult to get grants (money) for that without having a PhD.
Clinical research that you can do after your pharm.D. (usually after you do a fellowship or at the very least a residency) can involve: outcomes studies, pharmacoeconomics, working for a pharma company on clinical trials ( a lot of what you do will be operational/management-based though, as opposed to actually handling the clinical aspects of the trial), or various other clinical research projects like Medication Use Evaluations.
Here's an example of a pharmaceutical industry fellowship program:
http://pharmafellows.rutgers.edu/media/companybrochures/novartis.pdf
Pages 6, 10, and 11 talk about the activities you would do if you want to work in the area of clinical trials.
Here's an example of a job listing that a Pharm.D. could realistically expect to land after completing a fellowship like the one above:
http://www.jobfox.com/Web/Seeker/La...7140-810e-441e-ad9e-64e38b91d35e&source=juju1
Please look closely at the responsibilities listed and see that it's not lab research, or even particularly "science-like"
Here's an example of an academic-based research fellowship that you would typically complete AFTER doing a clinical residency:
http://www.pharmacy.pitt.edu/Research/pharmacoinfo/fellowship.html
These fellowships set you up to get a job where you still work as a clinical pharmacists who sees patients but you also are expected to do clinical research studies and publish/present your results. You also get set up well to work in academia or teach some lectures at a pharmacy school.
Bottom line, yes, pharm.D's can do research. It is not incredibly common but maybe 10% or so of pharm.D's out there do SOME research. It's just important for you to understand that without a PhD, it's not likely going to be the type of lab-based research that most people think about when they think about "Research".