smarteyeball

Is Media Player broken, or is it that Oblivion is just unstable?

I believe it may be a Nero codec causing the instability.

4) Fix crap Nero codec:
Go to " C:\Program Files\Common Files\Ahead\ "
Rename folder " DSFilter " something else like " DSFilter_DISABLED "

NB. That is for XP, the Vista location may be different.

If MP11 is broken, have you tried running SFC ?

Type "cmd" into the Search box above the Start Button>and when cmd comes up
at the top of the Start menu>right click cmd and click "run as Admin" and
when the cmd prompt comes up at the cmd prompt type "sfc /scannow" no quotes
and let it run. This may fix things quite a bit. It replaces corrupt files
with intact ones, if you're not familiar with it.

If all else fails, uninstall MP11 and download/reinstall it from the MS site.