Elder Scrolls Speedrun Leaderboards http://www.speedrun.com/the_elder_scrolls
This run uses a 60fps cap.
This run was done on the most recent patch (Version 1.2.0416) and beats the Previous World record of 4:00 set by Yimmeryams
From an outside perspective this run is absolutely absurd so I'll explain everything.
Firstly Redguard male is the fastest race to use due to the adrenaline burst ability which helps influence the first 2 clips and also allows me to get through the goblin room faster. Later on I also choose the steed stone due to the 20 Speed bonus it gives.
Clipping in this game is quite simple. You walk into a wall and then as you are walking you quicksave the game and return to the menu. Then you reload the save and while it's loading you hold down whichever key you use to walk and by the time the game loads up you should be on the other side. This is because Oblivion loads your character first and then everything else.
I punch most of my ally NPC's to manipulate them and get them to do what I want them to do. This mainly speeds up sections where normally they would be walking but when I aggro them they are now running thus making it go by faster.
What you might be wondering is how I get to the end of the game. One of the developers put a door underneath the Temple of the One that literally takes you straight to the final quest. This is because when you reach the final quest the normal door which takes you to the normal instance of the temple is switched because the temple at the end of the game is a special instance only used for that quest. Luckily the devs at Bethesda left the door above the ground and easily accessible. Without it this run would be roughly 30 minutes longer.
Finally the reason why loads are timed out for this speedrun is because loading in Oblivion is hardware dependent so better specs=Faster loads. With loads timed out it makes it an even playing field without any unfair advantages.
Hopefully this answers any questions. Feel free to pm or follow me at http://www.twitch.tv/matumbro