If you mean it's locking up while you are trying to load Oblivion.esm, depending on your computer it will take a while. The program appears to lock up but just leave it alone and before too long it should respond again. That is ofcourse unless you are making Oblivion.esm the 'Active file'. If you are, do not do this as you don't want to overwrite any vanilla data and it will take an extremely long time to load, it maybe even load for 30 minutes and completely fill up your ram then crash. I made that mistake the first time I opened the CS myself by making it the active file and it never loaded. But once I just took it off the active file, it loaded rather quickly. Granted my machine is fairly powerful, it may take longer on older computers.
EDIT: Upon further inspection of your post, I think you are past loading the data into the CS. Sorry.
I haven't dabbled into quests yet in the CS (but will soon).