After a few hours of play, the saves (after loaded) show nothing but a black screen and the item or npc name. I can move around and knock things over, but I can't see anything. Should I reinstall?

Post a dxdiag.
XP: Go to Start->run, type “dxdiag” and hit enter. Click the Save All Information button near the bottom right. This will save a Dxdiag.txt in C:\ by default. Then open the dxdiag.txt and copy/paste the information into your post.

VISTA/Windows 7: Go to Start->Search, type “dxdiag” and hit enter, click the Save All Information button near the bottom right. This will save a Dxdiag.txt in C:\ by default. Then open the dxdiag.txt and copy/paste the information into your post.

I'm running windows7. And i'n not too puter savvy, so I don't understand what that is.

Check your options.If you're using the HDR lighting and your computer can't handle it that is the effect you'll see.Use Bloom lighting.

with onboard HD, do I need to use anything different? I guess I'm asking, what's the difference?

I'm not certain about that.My computer doesn't support HDR Lighting so when I turned it on i xperienced a blank screen where my HUD was there,I could move,but couldn't see a damn thing.I opened my options at the initial Oblivion screen,opened Video and scrolled down and turned off HDR,and turned on Bloom.That fixed my problem.

To post a dxdiag with W7 do this.

1: On the bottom left a circle with the windows icon press that which is the Start button.
2: At the bottom of the pop up menu is All Programs and look for Accessories and click on that, look for Run and click on it.
3: A pop up window pops up with a rectangle in the middle with three buttons down the bottom. In that rectangle type this 'dxdiag' and press ok.
4: A pop up window pops up and at the bottom there is a button 'Save All Information...' press that and save it in Your Documents. Make sure you named it so you can find it.
5: Look for it, click on the file and you see lots of information. Copy and paste it in here in your post.

I am having this issue as well. The most recent change I made that I can think of which would affect this would of been my Nvidia driver update. I am currently using 266.58

Anyone else having a similar issue with this driver?

This thread was never resolved because the OP author never responded to the need for system information; the chances in his case, however, were that his video device was simply totally inadequate, period.

Similarly, if you want information back, you will have to undertake the effort of providing useful information for the diagnostics suggestions to start from.