My clue was the 'click' that said it was trying to change resolutions just before the crash. So, since I could change video options before hitting the crash point, I changed the resolution to my desktop's resolution, and voila!
Now, I wonder why I bothered..... FPSs really aren't my favorite. I just do NOT like getting shot at. And, if someone tries to tell me that Oblivion is an FPS - you are out of your mind. I do not have specially placed, constantly respawning guards taking pot shots at me simply because I am there, all the freaking time in Oblivion.