While I was signed on this morning, I thought I would share a tip.

I was going crazy trying to find the Ring of Destruction at Fanacasecul. Just as the UESP page on it says, it had apparantly slid down the slope to the bottom of Lake Rumare someplace. I am trying to do efficient leveling, and I did not want my Athleticism to go up a ridiculous amount trying to find one little item from the UESP "Non-Random Loot List". And apparantly, at the time, it was un- findable. In test loads, with TGM active (God Mode, otherwise I would have drowned), I was searching an extensive area on the lake bottom for one tiny ring. I DID find a bottle of Ale though (??) (while I was at it, in the console, I clicked the bottle of Ale to get its ID... I already more-or-less knew what I had in mind, for the procedure below).

http://www.uesp.net/wiki/Oblivion:Fanacasecul
http://www.uesp.net/wiki/Oblivion:Non_Random_Loot

http://www.uesp.net/wiki/Oblivion:Console#Other_Commands
In particular:
save [1]
Saves the game using the name specified. Using the optional "1" will also save a text file (name.ess.txt) which contains information about the save file (see Save File Format for more information).

Here is what I did:
I went to Fanacasecul and saved the game under my usual savegame name (most of the time my savegame name is CURRENT.ess; I created that savegame name from the beginning at the Imperial Prison).
I saved a second game in the console:

save TEST 1

This created the savegame "TEST.ess", and a textfile TEST.ess.txt

I searched the text file for "ring of destruction" and got its ID.

I deleted TEST.ess and TEST.ess.txt (no longer needed).

Then I loaded my usual savegame.

In the console, I invoked:
moveto (RefID)
(or)
Player.MoveTo (RefID)
(I forget which format I used)

In any case, it got me to the Ring of Destruction at the bottom of Lake Rumare. I didn't even have to swim... I just looked down, and there was the ring... so I GRABBED it!

In this case, I checked F4 / the Fast-Travel Map real quick to see where I was... I was a notable distance NORTHEAST of Fanacasecul? NOT where I expected the ring to be. Maybe the game takes ocean currents into account. Maybe it was the Forlorn Watchman, playing tricks. Maybe Slaughterfish like to play kickball with rings. I would NEVER have found it otherwise.

While I was at it, I used the same technique to grab that bottle of Ale I saw earlier from a test-load. Then I Fast-Traveled to Fanacasecul, on dry land (while underwater). My Athleticism progress only increased a TINY amount, if at all, because I had not moved underwater... just looked down and grabbed.
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One SHOULD be able to the the same thing, in reverse... move items to the player. But in this case that didn't work. I MOVED the 2 items to MY position (on the road near Fanacasecul), I turned wireframe mode on (TFL) and turned off collisons (TCL), could NOT find the Ring or the bottle of Ale.

I tried it again in a test load at the Wawnet Inn. Even after I had walked around a bit, I MOVED to player to the items' positions, and *I* moved (supposedly to where the Ring and the Ale were); and I DID move to a different point in space. It's like the Ring and Ale DID get moved to the Wawnet Inn (probably under the floor), but they were invisible or something.
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In any case, people might find this info useful for some things. Yes, it's "cheating", but I think in THIS case it was justified.

Why didn't you just use a console command to spawn the ring in your inventory?

Because I didn't want to spawn a copy.