I have a similar problem. Some characters are see through, and random stuff jumps out, like to white lines when I draw out my fists right above the my fists. Gameplay is okay, with no lagging. Also, I can't install its patch for the North American English version. Is this a regression?
Also, I can't find where Oblivion is installed. I checked in the /.wine folder in home/<username>, and can't anything in the drive_c. Where did it install, and how does it run? Do I need to re-install it?