That signifies the system is overheating internally. Does it do for other games or only Oblivion?

Only for Oblivion

Is it a disc-based game, or installed on the harddrive?

I think you should uninstall Oblivion and reinstall it. It sounds like the main game data somehow got corrupted (only if it's downloaded from the PSN) Your game saves should be unaffected, unless it's the source of the corruption, I don't know what else to say, but you might have to delete that game saves only if the problem keeps coming up. Try looking online to see if there's others having the same issue.

Doing so now

Its still freezing

Did you completely uninstall Oblivion? It sounds like you just deleted the launcher files, go in the game data folder, and delete Oblivion from there, then uninstall it again, and just redownload from PSN.

I don't know how to uninstall it

I just reset everything to default anyway, everything's gone

Okay... so Oblivion is made by Besthesda Gameworks, the same company responsible for Fallout 3, one of the most freeze-inducing games I've ever had the pleasure of playing (STILL completely bad-ass through). However, there are certain "loopholes" one can take in ensuring a smoother, freeze-free run:

1. turn off ALL autosave features - as if the system itself doesn't have enough data to process from the game's interface alone, the last thing it needs to run after each wait, rest, travel or otherwise is a trigger-initiated autosave. I imagine both Fallout & Oblivion work on similar wavelengths, since doing this solved roughly 70-80% of ALL my frozen-game issues. Give it a try! Just make a reoccurring mental note to save your game manually in case you forget to save in the heat of the moment and curse yourself for having wasted 2-4+ hours of playing (like I did once >:( never again!).

2. this may suck as far as experiencing the full enchilada of the game itself, but turn off the PS upscaler. No matter what, on any console, with any game, ever, the resolution/screen size you choose to play the game in will always make a multitude of difference between a smooth run and...well, not-so-smooth. If you disable the upscaler and/or dumb down the resolution size to 480i/p ONLY FOR OBLIVION ALONE, there's a chance you may see a difference. Smoothing is optional and I doubt there'd be any major impact in having that sucker activated.

3. Right as you start the game, before all the opening credits, if there's an indicator telling you about the game's auto-save feature and asking you to push X to say "Okay" or "OK" or something like that, do so then HOLD DOWN L2, R2 & SQUARE, all at the same time. Hold those puppies down like a stress-test! If there's a Trophy loading screen before or after the auto-save announcement, that shouldn't interfere any. This button-holding function gives a basic clean-slate wipe-down to your internal gaming data cache and SOMETIMES allows for smoother operation, similar to defragmenting a PC.

4. If you do manage to get the game started and it has a decent run, try your best NOT to overwrite your save file each time. Start a new save file with each new save. You can always clean the hard drive of old, cluttered save files later on. This ensures a single file won't be over-swamped with excess backup data. Since the game itself is open-ended and linear with that "sandbox" feel, naturally there's a multitude of things (props, people, collectibles, etc.) that you can affect directly. From touching a lamp or laying waste to an enemy, to dropping a weapon or moving a few books out of place, any and all of those tiny intricate details will ALWAYS BE ACCOUNTED FOR, no matter what. So as you progress further into the game, things begin to run a tad bit slower mainly due to all the interaction you've caused with the in-game simulated universe. Hack off an enemy's limb? That single limb will most likely stay put in the same location until either you or a NPC moves it, maybe by kicking it out of place or... stealing it. Back to the point - by remembering NOT to build up a single save-game file, that overwhelming slew of new progressive data won't continue to overlap itself repeatedly, which tends to lead to lots of crashing/freezing in the long run.

So... that's it, I think! Give these things a try. Like I said, I can't guarantee they may work on the same level as Oblivion since these are things I discovered while playing Fallout 3, but I wouldn't doubt that both games have a very similar style and playability about them that would allow one tactic to work swimmingly between both games simultaneously, despite their vast differences. Hopefully this helps some! If not, just say "piss off" to the game. That's what I did with Red Dead Redemption - that bastard is the REAL freeze-savvy issue at hand with the PS3-version port. :/

BEST OF LUCK!! 83

Thank you, I'll be sure to try these x3 Was very fun to read

*bows courteously* you are most welcome, my fellow ring-tailed gamer!
Anytime, my man...ANYtime.

if ur playing with a bethesda game better off on a pc. their ports to other systems arnt really "reliable"

My PC isn't reliable with games xD