So I had a new mashine built to play Skyrim but I could not give up my old Crack adiction of Oblivion. Now I have the GotY Deluxe version from Steam and downloaded it first. I then added a few mods (OBMM and OBSE) then went in to do a test start of the game. And it freezes right at the loading screen there after the logos.............
So I uninstall Oblivion, Reboot the system and make sure that there are no files that I missed in the uninstall. Before starting the down load again. Once done I do a test play to see if the mods where the issue. But no it crashed to the desk top before it can even get to the Bethesda logo. Not the Mods.
SO I look at the steam forums and find a few people have had to fool around with a simaler issue, I tried a few of their fixes and none of them worked. And before any one ask Yes the drivers are all up to date. This problem does not come up with Morrowind, Skyrim, Fall our 3 Or New Vegas, just Oblivion.

Before you do anything else, try deleting the Oblivion.ini in your "My Documents\My Games\..." directory, to force the game to create a new one.

If that doesn't work, we'll need more info about your system. Post a dxdiag.

Also, where is the game installed? Assuming Windows 7, an installation to the default "Program Files" location is usually problematic with this game.