So yeah, I tried to play some Oblivion about minute ago, and found this disturbing bug...
ALL WATERS ARE MISSING!
As you can see, water does only render when you try to swim, or if there is physic object.
Specs:
Nvidia GeForce 230 GT (And I just updated the drivers)
Processor? Intel(R) 5 Series/3400


Solved:
It was faulty code in "My Games/Oblivion" in file called "Oblivion.ini" deleted it and reinstalled = profit.
Apocalypse is ended......... finally...