TTBOMK, it's only aware of single cored CPUs. If anything, it's more CPU bound than GPU bound, and a fast CPU sounds right for it, however, it tends to be seriously unstable when running with most overclocked hardware, even factory overclocked.
It was said to makes use of dual-cores, but reality is Oblivion barely makes use of the second core.
Hit or miss on the OCed hardware...just try it and find out. Many can run the game fine, while others run into issues. Even I'm running a E6750 @ 3.2GHz (2.66GHz stock) without problems.