The guide at the
Oblivion wiki is very helpful.
You may need to have the following keys in your wine registry for the container.
HKEY_CURRENT_USER / Software / Wine / Direct3D:
OffscreenRenderingMode pbuffer
VideoMemorySize 512
After launching the game once, you should have a file C:\Users\Crossover\My Documents\My Games\Oblivion\Oblivion.ini — change the settings as listed below.
bForce1XShaders=0
bUse Joystick=0
bMusicEnabled=0
bSaveOnInteriorExteriorSwitch=0
Disable HDR in the Options screen from the launcher. HDR causes a bug where the screen renders all black.
You also may need to extract a particular dll from the directx included on the disk and get it into your wine container (note: do NOT install directx into the container, just this one dll):
cabextract /[CDROM_MOUNT_POINT]/DXREDIST/Aug2005_d3dx9_27_x86.cab
cp d3dx9_27.dll ~/.cxgames/[CONTAINER_NAME]/drive_c/windows/system32/