Mmmm. It should open in your meshes folder (Oblivion\Data\Meshes). In any case, you probably need to extract the sigil stone mesh from Oblivion - Meshes.bsa. Although I'm quite happy to help I think you could do with a good tutorial in CS basics. http://www.invision.tesalliance.org/forums/index.php?/forum/82-esiv-oblivion-classes/ has some excellent ones.
edit. Obsolete post thanks to JDFan