Not to long ago I purchased a new computer with Windows 7.... My last computer had Vista and I had no isses with Oblivion... However, I am now having issues with Oblivion on my 7 computer. I can hear NPC dialogue when I'm not in an actual conversation with them, but the moment I enter a convo, I lose all NPC sound. I have read the Subtitles. On my PS3 Version I have no issues with the sound... Also, there are other sounds that are missing, such as when I am trying to pick locks... I get the success sound, but not the actual pick sound... Now, I know these may sound trivial, but it's all part of what makes the game so immersive.. Help? If you need any other info please let me know!

I'm in a similar boat, but my problem seems to be just the music. You can try what I've already done without success and uninstall Creative Labs Alchemy if you have it. Other than that, it seems to be suggested that any software that works with codecs (like ffdshow) can affect Oblivion. I'm still trying to figure mine out but that's what I have so far.