I saved this a long time ago, it is the bitrates/samplerates for Fallout 3, but it applies to Oblivion as well:
Game Music & Pipboy Radio Station Music: 44.1 kHz, 192kbs Stereo or mono MP3 (with no tags)Radios placed in game (that play Radio Station music): 44.1 kHz mono WAV AND 192kbs mono mp3.Dialogue (Radio stations, radios & characters): 44.1 kHz, 236kbs (nominal and max) bitrate OGG audioSound effects: 32 kHz WAV mono or stereo
Usually, I convert all the custom music I'm adding to match those, which I've found helps reduce stuttering/skipping/glitches in audio.