The Elder Stats

if anyone knows the locations of any rare items you can post the locations so we can all get amazing characters.

You can get either a cool sword (honnorblade of chorrol). a shield (escutcheon of chorrol) or something else like a level up in merchantile i cant remember. you can only get one, you get it in the quest sins of the father.

The Skeleton Key is a rare and valuable item. You can get it by completing Nocturnal's Daedric quest. It's very useful for picking locks, and it raises your Security skill by 40 points (about that) whenever you have it in your inventory (and it weights 0 feather). The great thing about having the Skeleton Key is that, when picking a lock, you can just keep clicking the "Auto Attempt" button and it will eventually pick the lock because it can never break. I never carry lockpicks with me anymore.

Yeah, the only thing is, it takes some fun out of the game. But otherwise, it's great.

On the ground in Random Oblivion World 6, you can find a Daedric Blood Potion. The potion is worthless and you can't do anything with it, however it has a unique appearance. So, if you like collecting unique items, you should get this.

Mace of Doom via Frostcrag glitch

This other one really isn't scripted but it is extremely rare and could probably be considered a must for any character.

Ring of Perfection: +10 to every attribute

I got mine from a 3 hour run in a bunch of caves along the green road.

if you want to find bits of armour or items that have a certain effect you should check out this page.
http://www.uesp.net/wiki/Oblivion:Generic_Magic_Apparel

In the Chorrol Oblivion World, you can find the bow Hatreds Soul and Hatreds Soul Arrows. Hatreds Soul has the highest base damage of any bow in Oblivion, as well as having good enchantments, and Hatreds Soul Arrows have the highest base damage of any arrows in Oblivion.

umbra. i think most people know how to get it but if you dont read this link

About the sword http://www.uesp.net/wiki/Oblivion:Umbra_%28sword%29

How to get it http://www.uesp.net/wiki/Oblivion:Clavicus_Vile

At Jensine's "Good as New" Merchandise in the Imperial City, you can buy the Akavari Warblade. It's an Akaviri Dai-Katana enchanted with Damage Health 15 points, Damage Fatigue 30 points, and Damage Magicka 30 points.

At Three Brothers Trade Goods in the Imperial City, you can buy the Akavari Sunderblade. It's an Akaviri Katana enchanted with Disintegrate Weapon and Disintegrate Armor 100 points.

I'm not sure if this is off topic, but I found many useful items behind this unmarked door in forest. It's easy to test because you can save outside and test until loot is useful. It cannot be seen in map and it contains one restoration chest and one boss-level chest. Its's part of Ceyatatar ruin.

http://www.youtube.com/watch?v=Dq2FmdXKeA4