No, it can't. Ő is "he" or "she" - someone animate, not a thing or an "it".
yes, but how do you translate things like I am looking for it (the cat, the pen)?
You don't need an object in the sentence at all. That is the magic of the definite conjugation: Keresem all by itself means "I am looking for it."
Sometimes azt or ezt might be suitable as the object. Az(t) in particular is handy for saying "that (one / thing) that was just mentioned."