Recently I ran into the water freeze bug in the swindler's den and decided to delete my game data utility (not saved game) and reload/patch skyrim (to the 1.06 patch it automatically downloads).

When I got back into the game, i was literally stuck below the ground, and could not see any terrain textures except for dead bandit bodies. I could not move or do anything as I was slowly descending through the world. I tried loading an earlier save and all my saves are corrupted by this glitch. I even tried starting a brand new game, and it still has the same issue. Its as if the entire world except for maybe a few trees and interactable objects is invisible and i can't move or do anything. Even fast travelling results in the same glitch in the new area.

It sounds like the delete and reinstall failed. You will need to do it again.
Your saves are likely humped as the glitch most likely corrupted them. You will likely need to start a new game.
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