With the help of several guides, a bunch of help from guys that reside within this forum, and Wrye Bash, I have finally managed to successfully get OGE + OOO + EE + MMM + FRANS + WARCRY (FCOM) + COBL + SM
+ several other mods running CRASH-FREE. Not one crash in 20 hours of playtime, no matter what goes on. Looks beautiful (especially with the godrays and liquid water) and the problems with vanilla are in the past with FCOM. Who needs Skyrim?
Congratulations! You have probably just survived (I mean... passed!) some kind of arcane initiation, with which I am unfamiliar, despite having most likely passed it myself at some stage. Hm.
Feel free to post screenies, in the Modded Oblivion Screenshots thread - or wherever you prefer, of course. Just be sure to link them, either way.
"Who needs Skyrim", on the other hand? Well, me! I need Morowind AND Oblivion AND Skyrim, thank you very much! Every one of them modded at times beyond recognition, but even so...