Is there a version of OBSE that opens the launcher so one can manage their mods?

Try Oblivion Mod Manager instead. Or, if you're feeling adventurous, Wrye Bash. Or hey, both.

But I need OBSE for a couple of mods, does OBMM have it built in?

You don't need OBSE to run OBMM, or Wrye Bash. All the first one does is manage mods*, and it's very easy to use. The second one will do that, plus a ton more, but is more difficult to get to know.

You don't need to worry about OBSE mods or non-OBSE mods, when you're using a mod manager. It's separate from the game itself.

edit: OBMM doesn't need to be "OBSE compatible", in other words. It doesn't care whether you have OBSE or not, or whather the mods it's managing rely on it. You can still manage them, just the same.


* Actually, sorry, that's not quite right. It can do a few other things as well. Like "archive invalidation" - worth looking that one up, and doing that, btw, whether it's via OBMM, via Wrye Bash, or by means of a separate "mod" that just does that.

Just run OblivionLauncher.exe. Don't run your game from there, but you can still make changes to options and mod order.

You can use http://tesnexus.com/downloads/file.php?id=27672 tool. With one click, you can open the CS or launch Oblivion with OBSE enabled, or not, as desired.

Or, if you are using OBMM, consider OBMM Extended. It has a launcher as well.