Loaded Oblivion as far as the main menu successfully. Upon exiting, it crashed. I'm installing weOCPS to attempt a fix.
Edit: weOCPS seems to have done the trick. It's character creation time!
Not as far as I know.
That is a normal bug. Please, do not use weOCPS unless you need it. Use FastExit v2 to take care of the crash on exit issue. It is small, does what is says and if there is any possibility of a conflict with it, I have not heard it.