After a couple of tweaks I was able to run oblivion from obse.
The problem is, when Ii start a new game, after the intro, the whole worlds is missing! The emperor and friends fell to a bottomless world, while Ii was just there, slowly falling.
I also have OOO.
I turned OOO into .esm because the plugin SM_OOO needs OOO to be a master plugin. Also I turned DLC Shivering isles into .esm.
Load order:
Oblivion.esm[SI]
DLCShiveringisles.esm
Oscuro's_Oblivion_Overhaul.esm
Living Economy -items.esp
Knights.esp
SupremeMagicka.esp
SM_ShiveringIsles.esp
SM_SgilStone.esp
SM_Scrolls.esp
SM_EnchantStaff.esp
SM_OOO.esp
Help!