Here is my view: Water and oil,being immiscible will form two layers:Oil on top and water at bottom,if oil is sufficient enough..Depending upon the quantity of oil & water added and agitation,oil-water emulsion can be expected.Salt and Sugar being water soluble substances must dissolve till water is saturated.Above the point of saturation,further addition of any solute(salt or sugar) must cause their settling.
No, it does not create a compound. It will create a mixture. The water and oil will not bond since they are what are known as immiscible liquids. The oil will float on the top of the water since it is less dense. The salt and sugar will sink to the bottom of the mixture. This will not create a compound.