Oblivion error - Offset: 000912a6

Ive been searching for a while to figure out the solution to my problem. When i run Oblivion and hit play, i get the black screen in the corner and then an error message from windows. Error was: AppName: oblivion.exe AppVer: 0.1.0.228 ModName: oblivion.exe
ModVer: 0.1.0.228 Offset: 000912a6

So far i have seen that the problem is mainly a lack of requirements but im fairly sure my computer can do it, atleast on minimal requirements.

My graphics card is a GeFORCE MX 4000. (Ive seen others called something like GeForce2 or 3 or 4, i dont understand that. Mine has no other number by it) its a 128 MB DDR. My friend played this on his old computer and his was around 64 instead of 128 and still got it to play.

My other specs:

Intel Pentium 4 CPU 1.80 GHz.
1.80GHz, 480 MB of RAM (minimal was 518 i think, but isnt that close enough? Cant i just turn down some options and would work ok? )

Can anyone give me suggestions?

I agree with Llama_man the MX is a DX7 card (and a bad one at that). No way its going to run on your system. A proper DX8 card will run it with the settings toned down even if it has only 64MB of RAM vs your 128. On your card that ram is a more marketing ploy than anything else.

If you can afford it try for a 7300. dosen't cost too much and should allow you to play it.

Edit:

Better not get the GPU I suggested looking at the rest of your specs there is no way playing oblivion can be considered fun. You could try morrowind or NWN instead