Weird. Easily checked in TES4View: Load all mods > Oblivion.esm > Light > Torch02. OOO should be the last esp affecting it.
Or post your load order - someone might notice something.
If using OBSE, http://www.tesnexus.com/downloads/file.php?id=16282 has no such compatibility issues as said.
OOO is the last thing affecting is aside from the bashed patch (which changes the radius and sound);
Due to having one crash where I was dropping something other than a torch though, I think it has to do with dropping
any item while a 2-handed item (or 1h+shield) is equipped, as that would explain the crashes when I draw a weapon/1h+shield while having a torch equipped, or trying to equip a torch from the menu while having the weapons drawn, and the rare occurance where it crashed when I had weapon+shield drawn and I had dropped some armor
As a side note, I have tried the default OOO version of drop-lit-torches, and the OBSE one, both cause me crashes when the above scenarios happen; Does OBSE have any issues with 64-bit windows perhaps? All my mods run just fine without OBSE, but if I turn ON obse, then I get the crash when dropping items; Currently I was just using OBSE for the stutter remover/streamline, so it's not a huge deal, just weird
Anyhow, here is my load order again, I added a couple of optional mods once I disabled OBSE, but the crash doesn't occur without OBSE anyhow, so they shouldn't be the issue
Spoiler Active Mod Files:00 Oblivion.esm01 All Natural Base.esm [Version 0.9.9.5]02 Francesco's Leveled Creatures-Items Mod.esm03 Francesco's Optional New Items Add-On.esm04 Cobl Main.esm [Version 1.72]05 Harvest[Containers].esm06 Oscuro's_Oblivion_Overhaul.esm [Version 1.34]07 Mart's Monster Mod.esm [Version 3.7b3p3]08 FCOM_Convergence.esm [Version 0.9.9MB3]09 Unofficial Oblivion Patch.esp [Version 3.2.7]0A DLCShiveringIsles.esp0B Unofficial Shivering Isles Patch.esp [Version 1.4.0]0C Francesco's Optional Chance of Stronger Bosses.esp0D Francesco's Optional Chance of Stronger Enemies.esp0E Francesco's Optional Chance of More Enemies.esp0F Francesco's Optional Leveled Quests-SI only.esp10 Francesco's Optional Leveled Guards.esp++ FCOM_Francescos.esp [Version 0.9.9]++ FCOM_FrancescosItemsAddOn.esp [Version 0.9.9]11 FCOM_FrancescosNamedBosses.esp [Version 0.9.9]12 Fran Armor Add-on.esp13 Fran_Lv30Item_Maltz.esp14 All Natural.esp [Version 0.9.9.5]15 All Natural - SI.esp [Version 0.9.9.5]++ Item interchange - Extraction.esp [Version 0.76]16 Oblivion Collectible Cards.esp++ Harvest[Containers] - SI.esp++ Harvest[Containers] - SI - Ore Respawn.esp++ Harvest[Containers] - Vanilla - Ore ReSpawn.esp17 Enhanced Economy.esp [Version 4.2.1]18 Landmarks, w Wells.esp [Version 1.11]19 DLCHorseArmor.esp1A DLCHorseArmor - Unofficial Patch.esp [Version 1.0.5]1B DLCOrrery.esp1C DLCOrrery - Unofficial Patch.esp [Version 1.0.3]1D DLCVileLair.esp1E DLCVileLair - Unofficial Patch.esp [Version 1.0.5]1F DLCMehrunesRazor.esp20 DLCMehrunesRazor - Unofficial Patch.esp [Version 1.0.4]21 DLCSpellTomes.esp++ DLCSpellTomes - Unofficial Patch.esp [Version 1.0.1]22 DLCThievesDen.esp23 DLCThievesDen - Unofficial Patch.esp [Version 1.0.5]24 DLCThievesDen - Unofficial Patch - SSSB.esp [Version 1.0.4]25 Cobl Glue.esp [Version 1.72]26 Cobl Si.esp [Version 1.63]27 Bob's Armory Oblivion.esp28 FCOM_BobsArmory.esp [Version 0.9.9]29 Loth's Blunt Weapons for Npcs.esp++ FCOM_LothsBluntWeapons.esp [Version 0.9.9]2A Oblivion WarCry EV.esp2B FCOM_WarCry.esp [Version 0.9.9MB3]2C Oscuro's_Oblivion_Overhaul.esp [Version 1.34]** OMOBS.esp [Version 1.0]** OMOBS_SI.esp [Version 1.0]2D OOO 1.32-Cobl.esp [Version 1.72]++ FCOM_Cobl.esp [Version 0.9.9]2E FCOM_Convergence.esp [Version 0.9.9Mb3]2F FCOM_DurabilityAndDamage.esp [Version 0.9.9]++ FCOM_SpawnRatesReduced.esp [Version 0.9.9Mb3]30 Mart's Monster Mod - More Wilderness Life No Gates.esp [Version 3.7b3p3]++ FCOM_SaferRoads.esp [Version 0.9.9]++ FCOM_LessRats.esp [Version 0.9.9]31 Mart's Monster Mod - Extra Wounding.esp [Version 3.7b3p3]++ Mart's Monster Mod - Looting NPCs & Creatures.esp [Version 3.7b3p3]++ Mart's Monster Mod - Less Reavers.esp [Version 3.7b3p3]++ Mart's Monster Mod - Less Bone Loot.esp [Version 3.7b3p3]32 Mart's Monster Mod - Safer Quest Locations.esp [Version 3.7b3p3]33 Mart's Monster Mod - Dungeons of MMM.esp [Version 3.7b3p3]34 Mart's Monster Mod - Farm Animals.esp [Version 3.7b3p3]35 Mart's Monster Mod - Diverse WaterLife.esp [Version 3.7b3p3f]++ FCOM_DiverseGuardUnity.esp [Version 0.9.9]++ FCOM_BobsGuardUnity.esp [Version 0.9.9]** FCOM_Archery.esp [Version 0.9.9]** FCOM_FriendlierFactions.esp [Version 0.9.9]36 FCOM_MoreRandomSpawns.esp [Version 0.9.9]37 FCOM_MoreRandomItems.esp [Version 0.9.9]++ Mart's Monster Mod - Shivering Isles.esp [Version 3.7b3p3]38 OOO-WaterFish.esp [Version 1.34]++ MMM-Cobl.esp [Version 1.69]39 DLCBattlehornCastle.esp3A DLCBattlehornCastle - Unofficial Patch.esp [Version 1.0.4]3B DLCFrostcrag.esp3C DLCFrostcrag - Unofficial Patch.esp [Version 1.0.4]3D Knights.esp3E Knights - Unofficial Patch.esp [Version 1.0.9]3F SM Plugin Refurbish(Merged).esp [Version 1.30]40 Mart's Monster Mod - City Defences.esp [Version 3.7b3p3]++ FCOM_Knights.esp [Version 0.9.9Mb3]++ FCOM_UnofficialFranArmorAddon.esp [Version 0.9.9]41 Harvest [Flora].esp [Version 3.0.0]++ Harvest [Flora] - Shivering Isles.esp [Version 3.0.0]++ Harvest [Flora] - DLCVileLair.esp [Version 3.0.0]42 Harvest [Flora] - DLCFrostcrag.esp [Version 3.0.0]++ Higher Thieves' Guild Fence Amounts.esp43 P1DkeyChain.esp [Version 5.00]++ ScriptIcon_Replacer.esp44 Toggleable Quantity Prompt.esp [Version 3.1.1]45 Enhanced Economy - House prices.esp [Version 1.0]46 Quest Award Leveller.esp++ Quest Award Leveller - Battlehorn Castle.esp++ Quest Award Leveller - Vile Lair.esp++ Quest Award Leveller - Mehrunes Razor.esp++ Quest Award Leveller - Knights of the Nine.esp47 EnchantmentRestore.esp++ EnchantmentRestore_Wells.esp48 BountyReductionOverTime_standard.esp49 RealisticLeveling.esp++ Item interchange - Placement for FCOM.esp [Version 0.76]++ Mart's Monster Mod - Resized Races.esp [Version 3.7b3p3]4A CuteElf11.esp [Version 1.3.5]4B Cobl Races.esp [Version 1.52]** Cobl Races TNR.esp [Version 1.53]** Cobl Races TNR SI.esp [Version 1.53]++ Cobl Races - Balanced.esp [Version 1.52]++ [GFX]_Initial_Glow-all.esp** Enhanced Economy - Soulgems.esp [Version 4.2.1]++ Cobl Filter Late MERGE ONLY.esp [Version 1.53]4C Cobl Silent Equip Misc.esp [Version 01]** All Natural - Indoor Weather Filter For Mods.esp [Version 0.9.9.5]++ realWaters.esp4D Quest Log Manager.esp [Version 1.2]++ Thieves Value.esp4E Bashed Patch, 0.esp4F FormID Finder4.esp