I recently installed oblivion again after not playing it for around 2 years and the game crashed at the sewer entrance. I got around it by using "usewatershaders=0" and now it runs fine. Except that theres no water in interiors of course (exteriors run fine). Someone knows whats the correct way to fix it?. I did play with water enabled and in the same PC years ago but cant remember how i fixed it at the time.

Post a dxdiag...... That's usually a sign of inadequate video card...... but, if you played on this machine before.... it should still work.....