I wouldn't want to infringe on any perceived copyrights and use such no-no words as elder, scrolls, earth and lollipop and that's why I'll just let you know that TES Oblivion has (almost) gotten itself the best, free, total conversion mod any game could ever hope for: the Middle Earth Roleplaying Project; MERP for short, which does sound quite a bit like the dear MERP pen-and-paper RPG that brought the deranged critical hits and elaborate systems of Rolemaster to Tolkien's world. Well, this newer kind of MERP is about to bring a stunning, massive and most authentic version of the good professor's world to Oblivion.
When I'm saying about to I do of course mean that MERP is still in an apparently early BETA state, which you can still download and thoroughly enjoy, preferably from the Middle Earth Roleplaying Project page over at modDB. Unfinished though the mod might be, it will still blow your mind away with its amazing depictions of Middle Earth, promise of massive battles, inclusion of new races, weapons and monsters, huge map and fierce dedication to the preservation of Tolkien's lore. Actually, anyone kind enough to lend the dev team a helping hand would be immediately recognized as a true Gnome's Lair hero.
And to prove that this will be the equivalent of the excellent Lords of the Ring Online in single-player, well, here's the trailer: