So I just got the game from steam but it is rather laggy compared to a retail copy I had awhile back. I tried lower setting tweaking ffdshow etc but to no avail.

my system specs are
Amd turion duel core rm-70 2 gh(rate at 3.20)
nvidia 8200gm
conexent smart audio 211
3 gb of ram

low end I know but seeing as I JUST played the game with my cd and had no real lagging issues I believe its steam.

anyone else have similer problems ?

No, what happened is you damaged the poor junk the last time. It was never intended to work that hard and has insufficient cooling, so by now it's about to go totally out, if you overstress it any further.

FYI, the 8200 isn't as powerful as the G 210, which is the weakest real video card from the same generation of nVIDIA products:

http://www.gpureview.com/show_cards.php?card1=621&card2=384

I am aware of my labtop and frankly that is NOT the issue, I now that it is low end, I know the graphic card is poor and I plan on getting a new computer.

also considering I ran this fairly smoothly with cd version it is not my computer, so what is up with the steam version ?
edit:
I have checked it isnt my graphics card, not changing of settings help, once again I believe it is the steam version, I am also now experiancing sound problems (craclking stuttering etc) that I never had before on my retail copy...what is going on ?

Steam is running in the background, taking up valuable resources that you just don't have to spare to run as demanding a game as Oblivion.

Weak video card. Onboard sound. Dated processor...... Kill of EVERYTHING else running in the background, and see if that doesn't help.

oddly running steam as adminstrator must have helped, streamline seems to be working now.

I plan on getting a new labtop in the fall this thing is pretty old as it is.

got it for 350 dollers and considering what I had before a twelve year old Ssavage 700 mgh computer this was a hell of a deal

edit
nah it was just me being deillusional.

idk why it would be my system I mean yes it is weak but just last week before my cd cracked I was able to play at 1280x1024 and it worked (relativly) smoothly...