I've got a problem - I can't start the game. I have a Steam version of Oblivion. When I start the game from Steam, it starts Oblivion Launcher, but everything (except for Tech Support and Exit) is grayed out. Starting Oblivion.exe causes the same result - Launcher starts with everything grayed out. When I start Oblivion Launcher.exe, it appears alright, but when I hit 'Play', I go back to square 1 - a new Launcher pops up with grayed out stuff.
I tried uninstalling, cleaning registry, rebooting, re-installing, adding a reg key - nothing seems to help. Does anyone have a clue about what's happening?

As soon as you decide to fulfill your own part of the self-help process, then someone can try to make suggestions. Without any useful information, all anyone can do is make worthless WAGs.