Two years ago i used a list of mods that worked wonders if installed in the following order: (note that the list is set inside Oblivion Mod Manager and you also need Oblivion Scripting Editor 1.4a, as Yovaneth stated)
Oblivion.esm
UOP (the off patch, install the last one)
discarded //---> Illumination Within Revived v0.92 + Illumination Within Revived Optimized v1.1 (framerate devourer)
Short Grass V2 (to improve FPS)
Advanced_Water v1.0
Heavens Wrath 1.1
discarded //--> Real Sleep v1.4 (a pain in the arse. roplaying friendly, though)
discarded //--> Portable Campsite v2.3 (a pain in the arse. roplaying friendly, though)
Travelers Inn v1.0
Combat FPS Optimizer v1.0 (alt+u)
Expensive Training v1.0
Crowded Cities v1.2 (inst esp 30, one of the most important modifications)
Ruin Companion MOD 1.0 (1.1) (GREAT
NPC MOD addition)
Drop Lit Torch In Combat v1.6
Third Person Crosshair Alternative v1.0
discarded//Crowded Roads Revamped v2.0 (i don't remember why i discarded this one, FPS consumer, probably)
MMM v1.71 + v2.0RC (miscellanea and AI mod, very good)
discarded //Quick Feet v1.0 (removed)
Realistic Persuasion v1.8 compatible.esp (roleplaying)
Living Economy v3.63 ((roleplaying plus realism)
Kobus v2.4.1 (you can set how the level up works, must have for my taste)
Kobus Personality Enchancer v2.4.1 (another good addon)
G_'s-Loot-Mod_v2.5.0 (realism and variety)
N´Balanced Weapondry v1.6 + Severians Katanas 1.2 SIN poner su esp (realism and balance)
Reduced Backwards Speed Optimized v1.1 (realism)
More Realistic Encumbrance and Fatigue Mod v1.0 (realism)
Toughter Regen Settings v1.0 (realism)
Deadly Reflex v2.51 (makes combat something more funny)
Level Rates Modified v1.3.1 (you have to adjust this one and Kobus to work together properly)
Persuasion Overhaul v1.1 (must have, revamps the persuasion)
Persuasion Overhaul Patch v1.1
...... but of course, i guess the list is obsolete.