Yes, a house like you describe can be created. You can build a house where, when you click on the door, the door swings open and you just walk in. You can see out of and in through the windows, hear the wind blowing through the trees, and so forth.
There is a price to be paid for a house like this, which is why none of the vanilla Oblivion homes are like that. First, there's the weather. A home like you described (called an "exterior" home) exists in the exterior cell. Since no objects in Oblivion stop the rain, you need to create scripts to keep it from raining or snowing "inside" your house. Second, there is the frame rate hit. The graphics processor not only has to process the trees, bushes, sky, animals, etc., but also the lights, clutter, and other things inside the house. The practical result is you can only create a reasonably small exterior home if you want it playable by most people's graphics cards.
The most complete exterior home at present is the http://www.tesnexus.com/downloads/file.php?id=22846. This should give you a reasonably good idea of what is possible.