K, so....I figured I would try and run Oblivion on it's highest graphic setting just to see exactly how badly my computer did on it the first time I tried it. So I set it to Ultra high and load up a game. I get nothing but what I can only assume is light blue standard texture free background and my HUD display, which, incidentally, has no problem displaying at all.
When you do this,check and make sure HDR Lighting isn't on.I play on a Dell Inspiron 1440 Laptop,300 GB HDD,4GB RAM,Mobile Intel 4 Series Express Chipset Family.I had that issue before as well,everything was grey except my HUD which worked fine,come to find out I had HDR on,and this computer can't handle it.