Would this computer run oblivion with some mods and stuff

Memory: 2046MB RAM

Card name: NVIDIA GeForce 8700M GT

Processor: Intel® Core™2 Duo CPU 1.66GHz (2 CPUs), ~1.7GHz

It should run it decently on about medium-high settings depending on what mods you run.

Wow thanks alot i really dont care about high graphic settings

so if i was to turn all the graphics on low would you think i would have pretty good lag in alot of situations and a decent amount of mods(not to over the top)

It should run fine if you're resolution isn't crazy.

Low settings would be an unnecessary sacrifice, that GPU is more than capable for this game.