Game crashes when I hit "Play" in launcher.

[ouT-Phaze]

I've owned and played Oblivion on the same PC for quite a few years without any issue.

I reformatted my computer a few weeks ago and decided to install Oblivion yesterday, taking a break from Skyrim.
When I launch the game from Steam, the launcher comes up fine, but when I hit play I get "Oblivion has stopped working"

My specs are:

Mobo: ASUS Crosshair IV Formula
CPU: AMD Phenom II X6 1100T
GPU: EVGA GeForce 580 GTX
OS: Windows 7 Professional

I have the newest drivers for my video card as of three days ago.

I've tried compatability mode (XP SP3, and Vista SP2) with no good results. Nothing works. Occasionally when I try to launch the game, the Bethesda logo appears for a split second before the game crashes.

[mattyszanyi]

this happened to me yesterday i just re installed it and then it worked for me.

[noxwyll]

Try the solutions in this thread.
http://forums.steampowered.com/forum....php?t=2049025