First time poster, but a long time Elder Scrolls fan

Back in 06/07 I bought Oblivion for the 360... Racked up countless hours, ascended to the top of the mages guild, perfected my magics and enjoyed one of the generations finest games. I bought the Shivering Isle from the Xbox Marketplace but I didn't have much chance to play it due to my 360 dying for the second time. Luckily I had my PS3 by my side, and decided to re-buy the game (Once the price was right). I bought the Game of the Year edition last year and I've been loving it again, just as much as before.
But...
I've always heard whispers about the PC community for the Elder Scrolls games, and intrigue peaked... So I decided to see what fan mods and alterations could be done... And that's why I'm here!
Is there enough in the PC versions of Morrowind & Oblivion to justify buying them again on PC? I'd more than likely buy both from Steam, would I still be able to apply fan-mods, despite it being downloaded rather than on disc?
Also... (Yes yes, Sorry for all the questions!)
Would my laptop be able to max Oblivion? (Run at equal to or better than the console visuals, whilst maintaining a high FPS)
Screen size - 14 in - 1366 x 768
Processor - Intel Core i3 I3-330M - 2.13 GHz
RAM - 4 GB
Hard Drive - 500 GB
Operating System - Microsoft Windows 7 Home Premium 64-bit Edition
Optical Drive - DVD±RW (±R DL) / DVD-RAM / BD-ROM
Graphics - NVIDIA GeForce GT 330M
Cheers all,
:)