Right so I want to just start this off by saying that this topic might not be in the right forum and that a moderator should be prepared to move the thread if necessary.
EDIT: I was told this forum would be more responsive to my questions than the Skyrim forum, so now it's here.

Ok, so basically I saw a video today (http://www.youtube.com/watch?v=eFgp8fLw4t8&feature=bf_next&list=HL1309140917&index=4) that showed off this mod with high-res textures on Oblivion and I thought "Wow! I really want to do that!" So I sat there and thought about it for a moment and realized that I have no clue even where to start to get some of the requirements for it.
For those wondering, these are the predicted system requirements for Skyrim:



"Ok", I thought, "Now wtf does all of this mean?"

Basically, I need to know what I need to get to be able to run Oblivion w/ maxed graphics and high-res textures and to run Skyrim on maxed graphics. right now, on Oblivion, I can run it on medium to low graphics settings (closer to low) and it really svcks. If anyone needs to know my system info and stuff, well, maybe I could give you my email or something and we can converse through there. I found myself playing on my PS3 a lot more because it's kind of depressing knowing that I can't run a 5 year old game well. The only thing I know about my computer is that it's a Toshiba Laptop I got from BestBuy which was supposed to be for "gaming". (More like Farmville or something, sheesh). I would love to play Skyrim and Oblivion on my computer a a lot better than what it can do now because I found playing Oblivion on the computer is a lot more fun than on PS3, specifically, using bows.

Some basic computer specs:

I have a Toshiba Satellite L655D (or did you need the product ID?)

graphics card: ATI Mobility Radeon HD 4200 Series

display reso: 1360x768

So, uh, yeah. Dovahkiin are cool? bliviongate:

Well first off, we dont know what the official requirements are yet, those are just estimates.
But as to your laptop running Oblivion well.....your video chipset (the 4200) is very weak and not really meant for games. And upgrading the GPU in a laptop is nearly impossible for most models. The only way for you to "upgrade" is to build/buy a new PC. (Preferably a desktop for games)