Now, start OBMM. First thing to do is enable archive invalidation.
In OBMM click Utilities button, choose archive Invalidation.
BSA redirection should be chosen.
Click Update now. Exit screen.
Next you create the omod for OOO 1.33. Make sure you download the OOO_133_Complete.7z file (last file on the Planet Elder Scrolls link).
Now, in OBMM click create button, click Add Archive button, browse to where the downloaded OOO_133_Complete.7z file is, select it.
Don't panic if nothing happens for a minute or two, it is a big file.
The first screen that will pop up is a warning about esp files in subdirectories. Click yes to continue.
The you will be asked to inport omod conversion data. Click yes.
Now the files will appear in the window.
Click Create Omod and wait 5,10, 15 minutes for it to finish.
When done, you now have an omod for OOO 1.33. Double click it to start installation. Choose the full installation since you will install the Beta patch next. Choose options you want (take recommended ones to start with, explanations are in the readme).
Next, make sure you downloaded the OOO_134_Beta5_Patch.7z file from the same link as the complete version (it is the fifth file down in the downloads list).
To create omod from this do the following (as above):
Click Create
Click Add Archive
Browse to where the Beta5 file is and select the OOO_134_Beta5_Patch.7z file.
Now since the beta archive dos not have omod conversion data, fill in the block for Name (Call it OOO 1.34 Beta Patch5). Everything else you can leave empty.
Now click create omod.
This one will be quick.
Double click to install (it will overwrite the complete install with the newer files.
Close OBMM.
Here is where you would run BOSS to sort your load order.
To do this browse to the Oblivion\data directory and doubleclick BOSS Update Masterlist.bat to get the latest. Then doublclick BOSS.exe.
When done, start the game and you will have OOO loaded and working.MMM we can do when you are ready. It is as simple as OOO (just more options

with all those extra files)
As for Wrye Bash go to this link:
http://www.tesnexus.com/downloads/file.php?id=22368
Dwonload Wrye Python03a file
Download Wrye Bash 291 Installer version.
Run the Wrye Python03a file first.
Then run the Wrye Bash 291 installer.
You probably need to read up on the documentation is you are moving your Oblivion installation dorectory, I have not done this, I install in the default locations, easier for me, but then I don't use UAC in Windows 7.
And, as Thomas Kaira pointed out, check out and read through this guide http://tesivpositive.animolious.com/?page=site_about