PS. As I am running Vista, I do have Oblivion installed in its own folder on the C-drive, and not under Program Files.
Specs:
HP HDX 18
Intel Core 2 Duo CPU T9400 @2.53GHz
4 GB RAM
NVIDIA GeForce 9600M GT
Vista 64x
Load Order:
Oblivion.esm
You Are Here.esm
All Natural Base.esm
Francesco's Leveled Creatures-Items Mod.esm
Francesco's Optional New Items Add-On.esm
Oscuro's_Oblivion_Overhaul.esm
Mart's Monster Mod.esm
FCOM_Convergence.esm
Better Cities Resources.esm
DA Run Fatigue.esm
HorseCombatMaster.esm
HrmnsOblivionScriptOptimizationv1.0.esp
Unofficial Oblivion Patch.esp
UOP Vampire Aging & Face Fix.esp
DLCShiveringIsles.esp
Unofficial Shivering Isles Patch.esp
Francesco's Optional Chance of Stronger Bosses.esp
Francesco's Optional Chance of Stronger Enemies.esp
Francesco's Optional Chance of More Enemies.esp
Francesco's Optional Leveled Guards.esp
FCOM_Francescos.esp
FCOM_FrancescosItemsAddOn.esp
FCOM_FrancescosNamedBosses.esp
All Natural - Real Lights.esp
All Natural.esp
All Natural - SI.esp
All Natural - EW + NW + AWS.esp
WindowLightingSystem.esp
AmbientDungeons.esp
Book Jackets Oblivion.esp
VA_BetterGold.esp
wd purse of wonders.esp
Living Economy - Items.esp
Bob's Armory Oblivion.esp
FCOM_BobsArmory.esp
Oblivion WarCry.esp
Oblivion WarCry EV.esp
FCOM_WarCry.esp
Oscuro's_Oblivion_Overhaul.esp
OOO-Water_Weeds.esp
OOO-Map_Markers_Stock.esp
OOO-No_Guild_Ownership.esp
Mart's Monster Mod - Additional Enemy NPC Vars.esp
FCOM_Convergence.esp
FCOM_RealSwords.esp
FCOM_SpawnRatesReduced.esp
Mart's Monster Mod - More Wilderness Life No Gates.esp
Mart's Monster Mod - More Passive Wildlife.esp
FCOM_SaferRoads.esp
FCOM_NoReaversInGates.esp
Mart's Monster Mod - Looting NPCs & Creatures.esp
Mart's Monster Mod - No Reavers.esp
Mart's Monster Mod - No Giants.esp
Mart's Monster Mod - No Undead Rise.esp
Mart's Monster Mod - No Uberhulks.esp
Mart's Monster Mod - No Balrogs.esp
Mart's Monster Mod - Dungeons of MMM.esp
Mart's Monster Mod - Gems & Gem Dust.esp
Mart's Monster Mod - Hunting & Crafting.esp
Mart's Monster Mod - Farm Animals.esp
Mart's Monster Mod - Diverse WaterLife.esp
Mart's Monster Mod - Diverse Runeskulls Loot G&GD.esp
Mart's Monster Mod - Diverse Imperial Armor.esp
FCOM_DiverseGuardUnity.esp
FCOM_BobsGuardUnity.esp
FCOM_HungersUnitySI.esp
FCOM_Archery.esp
FCOM_FriendlierFactions.esp
FineWeapons for OOO.esp
RustyItems for OOO.esp
xuldarkforest.esp
xulStendarrValley.esp
xulTheHeath.esp
XulEntiusGorge.esp
xulFallenleafEverglade.esp
xulColovianHighlands_EV.esp
xulChorrolHinterland.esp
xulBeachesOfCyrodiilLostCoast.esp
xulBravilBarrowfields.esp
xulLushWoodlands.esp
xulAncientYews.esp
xulAncientRedwoods.esp
xulCloudtopMountains.esp
xulArriusCreek.esp
xulPatch_AY_AC.esp
xulRollingHills_EV_withoutWheat.esp
xulPantherRiver.esp
xulRiverEthe.esp
xulBrenaRiverRavine.esp
xulImperialIsle.esp
xulBlackwoodForest.esp
xulCheydinhalFalls.esp
xulAspenWood.esp
xulSkingradOutskirts.esp
Open Better Cities FULL.esp
Open Better Cities - Full City Defences.esp
Open Better Cities ANVIL.esp
Open Better Cities Anvil - City Defences.esp
Open Better Cities BRAVIL.esp
Open Better Cities Bravil - City Defences.esp
Open Better Cities BRUMA.esp
Open Better Cities Bruma - City Defences.esp
Open Better Cities CHEYDINHAL.esp
Open Better Cities CHORROL.esp
Open Better Cities LEYAWIIN.esp
Open Better Cities Leyawiin - City Defences.esp
Open Better Cities SKINGRAD.esp
Open Better Cities Skingrad - City Defences.esp
Harvest [Flora].esp
Harvest [Flora] - Shivering Isles.esp
Quest Award Leveling SI.esp
Quest Award Leveling SI - no forged items.esp
Quest Award Leveller.esp
DA ReducedBackwardsRunningSpeed.esp
DA Sprint.esp
SupremeMagicka.esp
SM_ShiveringIsles.esp
SM_OOO.esp
SM_MMM.esp
SM_EnchantStaff.esp
SM_UnlockSpells.esp
SM_NoSpellLights.esp
SM_Scrolls.esp
SM_SigilStone.esp
MidasSpells.esp
Midas OscuroGems.esp
Midas Betterholy.esp
Midas Reduced Costs Half.esp
Midas PowDur2x.esp
Midas Eldrich Power 4x.esp
Midas Tigernolevel OBSE.esp
Midas BeastFortify Fix OBSE.esp
RenGuardOverhaul.esp
RenGuardOverhaulShiveringIsles.esp
DeadlyReflex 5 - Combat Moves.esp
SM_DeadlyReflex.esp
nGCD.esp
nGCD Birthsigns.esp
nGCD Oghma Infinium.esp
nGCD Skeleton Key.esp
Immediate Character Generation.esp
Mart's Monster Mod - Resized Races.esp
CreeperJones.esp
bgBalancingEVCore.esp
bgMagicEV.esp
bgMagicSpellTomes_for_WryeBash.esp
bgMagicItemSigil.esp
bgMagicEVStartspells.esp
bgMagicBonus.esp
bgMagicEVAddEnVar.esp
bgMagicEVPaperChase.esp
bgBalancingEVOptionalClasses.esp
bgBalancingEVOptionalFangs.esp
bgBalancingEVOptionalMoreEyes.esp
bgBalancingEVOptionalFCOMAdditions.esp
bgBalancingEVLAMEAddition.esp
bgBalancingEVLAMEGlue.esp
bgBalancingEVOptionalNPCDiversityLAME.esp
Disable Tutorial Text.esp
bgMagicEVShader.esp
bgMagicShaderLifeDetect.esp
bgMagicLightningbolt.esp
MotionBlur.esp
Bashed Patch, 0.esp
Streamline 3.1.esp
Note: I was using Qarl's Texture Pack 3 and Quarl's SI texture pack but they are disabled for the moment as they were my first suspects.