Newbie and hopefully not too annoying question here....
I'm fairly new to the world of mods, and I installed OOO successfully, but noticed that I ought to update save files using Wrye Bash. I've tried to install everything, but when I run Wrye Bash, I get an error:

BashBugDump says:

I've not been able to find that line anywhere. I'm running Windows 7, so there is no c:\documents and settings.

Oblivion is installed via Steam, so it is in Program Files.

Any thoughts on how to fix this?

Thanks!

Yep, post it in the http://www.gamesas.com/index.php?/topic/1286667-relz-wrye-bash/ where the developers can see it and answer you. You could hang around hoping one of the devs will pop into your topic, but I know the only developer active on Oblivion Wrye Bash makes a point of not answering outside of the official topics. So probably a loooong wait.

I would mention what version of Wrye Bash you are using too, and whether its a Standalone version or Python version, and if using a Python version ... what Python setup you have installed (is it an old version or the version installed with the Wrye Bash installer)

I know one big problem you have already - You installed the game in its default location which comes under UAC's stranglehold.

Your probably not going to like this idea, but its best to install outside of program files - I know steam, but steam can be installed out of there too before you install any games. Then your games are installed also outside of program files .. and consequently Wrye Bash (which installs in the same location as the game) is no longer having a battle and losing with windows protected folders.

See the http://www.gamesas.com/index.php?/topic/449239-oblivion-mods-faq/ (scroll down to Mods on Windows Vista (also applies to windows 7))
And also mentioned among lots of help at http://tescosi.com/wiki/Oblivion

And .. Also mentioned at the end of the description http://www.tesnexus.com/downloads/file.php?id=22368

Thanks--I posted it over there!