Can I just delete my Data folder (or most of it) and have the game regenerate it upon load? My game is pretty -blam!- right now, and I dont really know what's causing it.

Bad idea. What you CAN do is delete all the Esp files, and the meshes and textures folders. Sound too maybe, but not music. Trust me deleting the master files and BSA files that are in the Data folder are a bad idea. There's always re-installing the game too.

Or just delete anything you think is a mod file/folder and have Steam re-verify all game files. It should replace/update any needed files to the latest version of the game to get you running again.