If I use wrye bash to just remove all obge modules, Oblivion fails to load.

Suggestions?

Run the flushcache.bat (or clearcache.bat or whatever it's called) in Data\Shaders

May need to reinstall OBGE (or one of its components) to get the BAT file back.

Thanks.

Suggestions on why I'm suffering of such a bad graphical glitch concerning water?

http://share.pho.to/8GHwq

Just a guess, but to me that looks like a landscape tear issue, not an OBGE/water issue. What landscape mods are you using that edit that area?

Interesting. YOu know, it's been a while since I used again TESLL and Teslodgen. I'll try and let you know.

Hmmm... IMO that definitely looks like a water shader issue rather than a land one. OBGE is fairly easy to 'deactivate' if you simply delete the OBGE.dll in the OBSE/plugins folder. After that you should go to Data/Shaders and delete everything that isn't titled shaderpackage(number).sdp, as that's all that should be there on a vanilla install. If you accidentally scrap one of the original shaders you can redownload them from here: http://www.nexusmods.com/oblivion/mods/20348/?

Might also be worth renaming your oblivion.ini to something like 'oblivion.ini.backup' and letting a fresh one generate in case something has gone awry there. If that doesn't fix the problem delete and rename the old file to revert your settings... are you using any other shader/graphics mods like ENB?