Requirements:

OOO mod
Access to Arcane University.
A fence.
Able to cast the following spells : Pickpocket! :Chameleon 100% for 3 secs on self (get from shadow stone)
Fortify sneak 100pts for 3 secs on self (get from the doomstone SW of Skingrad)

Bargain: Forify mercantile 100 pts on self for 1 sec
Charm 100 pts on touch for 1 sec

A decent frenzy spell
Optional:
A high level fence (Fathis Ules) (for more moneyz)

Steps:
1.) Head to the arcane university at 10 am.
2.) Cast the frenzy spell at the mage APPRENTICE (in green robes) not the scholars.
3.) Get out and watch the fight blow over.
4.) An imperial battlemage will die.
5.) Frenzy every apprentice (7+)
6.) Grab the apprentice robes.
7.) Sell to Hamlof at the Red Diamond Jewelry. Might help if you invest in 500 gold from the bargain spell.
8.) Cast the Pickpocket spell and pick the Apprentice Robes.
9.) Sell to fence (Fathis will give you 2k gold per robe)
10.) Sleep 72 hours.
11.) Repeat from step 1.

If you're not in OOO:
Grab the pickpocket spell from above and the bargain spell.

Sell the expensive rings and amulets to Hamlof and sell it back.

Alternately you can do the much easier ways:

1. Buy the restocking ingredients from alchemists and spam potion creation, once you get your skill up you'll make huge profits off of every potion.

2. Duplicate. If you're going to go through the trouble of exploits you might as well just get a high value item and do the scroll duplication glitch. It is far faster and less tedious than this method.

Wait a second. Apprentice robes have zero value. Scholars only have an unenchanted robe.

Wow really? I've been playing too much modded Oblivion -_-

Just to be fair. It should work it you replace the Robes with all the enchanted daggers those AU mages carry.