Hello Everyone,
I was wondering if there would happen to be a mod out there that will let Oblivion continue running in the background while you read or access menus? I always thought it would be cool to have such a mod especially for those quests or times when you just need to wait for something and don't want to use the wait function (such a immersion killer if you ask me)
No such mod exists, and I think this is impossible. The closest you get is probably Tekuromoto's http://www.tesnexus.com/downloads/file.php?id=24677, which makes the time pass while you are inside menus (or, actually jumps ahead in time when you leave the menu) or let you have immersive waiting (where when you choose to wait, you get back into gamemode and get a speeded up game).
A slightly simpler alternative is my own http://www.tesnexus.com/downloads/file.php?id=27352 mod that (among other features) has one timescale key, where for each tap increases the timescale by a set amount (default 60), and immediately goes back to normal timescale if you move. So when you want to wait for something, you can just tap the timescale key 5 times or so to make the time go by really fast while you wait.