Heh, been there done that except it was Morrowind, I was sober and I was level 80 running around with boots of blinding speed, a daedric tower shield enchanted with Almalexia's soul and a daedric dai-katana enchanted with Vivec/Vehk's soul.
Those damn Ordinators were asking for it though, and by extension everyone else.
Off topic (only kinda): Does Oblivion have the same level of freedom and openess of Morrowind? Is it as good as Morrowind (ignoring graphics, I'm talkin' gameplay here)?
It depends. Oblivion is made to feel smaller than Morrowind by it's fast travel system (even Daggerfall's managed to make the area feel huge) and all the wildernesses in Oblivion are the same. The Oblivion engine is more advanced, and could have been better, but some serious flaws let it down for me, the most of which being it feels more like an FPS than an RPG (You can never miss a swing of your sword (very little randomisation to the game) and enemies level up with you in such a way the entire game is easier to play through when you are in lower levels than when you have reached the maximum level possible (WTF Were they thinking with that one?)). It's about as much of an RPG as Dues Ex: Invisible war was an RPG IMHO
If you ask me, Morrowind by itself is better than Oblivion by itself, modded Oblivion is better than Morrowind by itself and modded Morrowind is better than modded Oblivion.
Then again I'd suggest trying to buy/torrentzor Daggerfall (TES:2) if you want to go old-school and actually play a proper First-Person RPG