Okay so just the other day I ran into this problem, and it's made the game unplayable (aka, an extreme eyesore) since then. I noticed that any enchanted weapon that had any charge (which should display the default shiny membrane) shows up completely white ingame, with no shaders or lighting whatsoever. My thought is a missing texture or something. Not only that, but anyone wearing enchanted items and anyone under a spell effect, their ears, eyes, weapon in hand, mouth (inside), and arrows turn the same white. So I'm thinking it has to do with the way the enchantment textures show up in game. I reinstalled Oblivion numerous times and can't get it to go away! I load different saves (the saves folder and some of the data folder stays when you uninstall) its the same effect! What can I do???