This is a rare problem, it doesn't happen under any particular in game circumstances. I notice a slowdown in most instances a matter of seconds before the crash. I'm doubtful the problem is mod related, so I'm going to forego a full modlist and give you some system information instead.
Vista x64 running on an Athlon 64 X2 6000+ 3ghz, 8 gigs of PC 2700 cas2 ram. My Oblivion.exe is 4gb patched. I have MSSE running at all times. Everything Oblivion related that I could think of to be added is already a DEP exception AND MSSE exception. They show properly as exceptions on both lists, it just kills the process anyway and explicitly states Oblivion.exe as the offending executable.
I noticed this right around the time there was a very large Windows Update, mostly security fixes, so I'm wondering if this is something MS did and if other people are having the same problem.