I don't mind if I can't run it with top notch graphics. Average or low settings is fine.

- Windows 7 Home Premium
-AMD Turion II Dual-Core Mobile M500 2.2Mhz
-8.00 Gigs of RAM
-AMD Turion M800G with ATI Mobility Radeon HD 4200'
-1280x1024 resolution on a monitor that is connected to the laptop.

Can I run it without it feeling like 5 FPS? Thank you for any input.

Your processor might give you problems, but you can definitely get away with running Oblivion and good speeds by lowering a few settings.

We would need to know the display resolution of your monitor.

Stay away from LOD mods, and texture packs.

Install the vanilla game, all patched up, and give it a shot. The 4200 isn't the best vid card... but, still, better than some that would run the game when it came out. CPU is kinda iffy.... but, hey, those have improved quite a bit too.

I connected a monitor to my laptop, but my resolution settings say 1280x1024.

The Processor is fine, the 4200 chipset..probably low or low-medium settings at that resolution.

When you launch Oblivion the first time you'll probably have the lowest resolution 640x480 by default, but you can change that if you want and I recommend that you use 800x600 or 1024x768 for your monitor.

Both memory and processor is sufficient so why not try to play Oblivion.