Ok...it's been quite a while since I played Oblivion. Used to be I could go into the options menu, and there were buttons for the quality, from very low to Ultra or whatever. How can I get those buttons back? Or can I get those buttons back? o.o

Those were introduced with patch 1.01, when the Ultra Low, Extra Super Ugly setting was added. Some subsequent patch took it away again.

Those buttons were added in the first patch for the Nvidia FX series cards that had shader problems they added the Ultra Low setting to turn off some of the shaders so the game would run fairly decent on them --- Make sure you are running the launcher from your HDD and not the CD if you have the original disk since that launcher does not have the presets. If you find that the launcher.exe on your HDD does not have them either there is a copy of the one that does have it http://www.4shared.com/file/0DM-Kr8s/OblivionLauncher.html (I uploaded for someone awhile back and it is still there ) Just put it in your install folder and use it to launch the game and you should have the buttons again (I have to use it each time I update my video card drivers as the autodetect mistakes my 5770 for an old Nvidia FX57xx card and sets the game to ULTRA Low and turns off most of the shaders which do not have an in game method for reenabling so I have to use the presets to fix things !)

Well the reason I wanted the buttons back was because it said that it was going to run it on Medium quality. I wanted to try higher and see, since I got this new computer and wanted to see just how good it could get.
So I just install that launcher and replace the old one?
Also could I ask a question about a graphics mod here and get an answer? Or would I have to go somewhere else on the forums?

The Geforce 6200, 6500, 7100, and various IGPs based on that design (6100, 6150, 7150) all needed Ultra Low also.

Yes - just download that one and replace your current one with it (you can rename your old one first if you want to have it as a backup) and then launch the game using it and the presets will be there for use --- Any card that was released after the game will default to medium (since this is what Beth selected for the default for unknown cards)

On the graphics Mod question you could ask here but will probably get more responses if you open a new thread with an appropriate title in the modding section.