[Wine] Need help with Oblivion

[GoodHumperdink]

Good evening my fellow Linux enthusiasts, 

for some time now I've been trying to run "The Elder Scrolls IV: Oblivion" on WINE with very little success.
I've gotten it to play but with no sound and very glitchy graphics. The various menus flicker wildly and the characters are messed up.
A while ago I launched Oblivion from the terminal and here's what I got from it: http://freetexthost.com/kcyfgc2aw2 
I've also taken a few screenshots to illustrate the problem:     http://s788.photobucket.com/albums/yy163/GoodHumperdink/Oblivion/ .

Specs: wine-1.3.30, Ubuntu 10.04.3 LTS, Radeon HD 4650, ATI/AMD proprietary FGLRX graphics driver, 2GB RAM, Oblivion 1.0.228 (I couldn't get the update to work).  

I'll try anything suggested and all suggestions are greatly appreciated.