@trumpetgeek240: If you have the Steam version you can verify the cache to fix the registry. In Steam you go your Game Library. Find Oblivion and right-click on it.. go to Properties. in the Local Files tab, click the button Vertify Integrity of Game Cache.
This may fix the problem. Another thing to consider is if Steam is installed to the C:\Program Files directory, then you may need to reinstall it elsewhere.