hello, im new to this "mod forum" since i just bought oblivion and morrowind for the PC (im very familiar with oblivion - 300+ hrs). But i would like to know some good and fun mods for Oblivion and some of your favorites. And also i was wondering if there are race mods to add extra races/ also armor and weapons mods which i know there probably are.
Thanks guys!

Races: Cobl Races or Race Balancing Project (which also does much more) is a good start. There are also lots of separate races on TES Nexus so it all depends on what you're looking for.

Armor/weapons: One category are mods adding armors/weapons to the leveled lists so NPC's in the game will use them. Armamentarium, for example. Also, you get such additions via overhauls such as OOO, Francesco's and FCOM. There are also lots and lots of mods adding an armor set or a weapon etc. to merchants - so depends on what you like there as well.

If you've played the vanilla game for so long you probably know what you like and what you would like to change. Perhaps an overhaul such as OOO, MMM (well, not strictly an overhaul), Fran's or TIE would be a good idea. http://www.gamesas.com/index.php?/topic/820948-scaling-overhaul-comparison/ is a good start to get an overview of them.

Before you throw a bunch of mods at your machine and stuff starts breaking... http://tesivpositive.animolious.com/#new_users_guide

Before you try even that, if you are running Win7 or Vista, reinstall Oblivion to C:\Games\Bethesda Softworks, in order to get around the UAC. If you did not by the GOTY edition, install the http://www.elderscrolls.com/downloads/updates_patches.htm as well.

thanks

And welcome