Is there a way to get this game to alt tab in and out of game without crashing, is there a mod?

There is an Alt-tab fix posted http://www.tesnexus.com/downloads/file.php?id=38800. I haven't tried it.

EDIT: A newer version by the same author http://www.tesnexus.com/downloads/file.php?id=39550.

I keep another progam open in the background. I used to do the same think with Morrowind (which had the same problem). I usually use Notepad. It doesn't seem to work on every computer, but it's always worked for me and it's worth a try.

For me, Alt-tab always CTDs if I'm in the main menu of Oblivion, but always works fine if I'm in gamemode or an ingame menu, as long as I have at least one other program open in the background (mostly Notepad++ or the CS since I alt-tab to test my mods or my mods' ini settings).

And this is without any alt-tab fix.

Makes no difference for me at all. I can never alt-tab out of Oblivion. Or Fallout 3 for that matter.

This alt-tab mod does work though, and for THAT purpose, what it claims is exactly what it does. Handy if you're trying to do some debugging or whatever. Just don't buy into any claims of performance improvement because that's not going to happen.

Fake_Fullscreen works for me absolutely fine in W7/64. Just drop the exe in the Oblvion folder and dblclk it. (Of course, only after you set the windowed mode in the settings of oblivion loader once first.)