Okay, so my computer is pretty much old and out of date, and i figured up that if i wanted to continue playing games on it, i'd pretty much have to update everything; so i decided to buy a new one.

What i want to know is if this (Dell 15.4" Inspiron 1501-PH003W Laptop PC w/ AMD Athlon 64 X2 Processor TK-55) computer is compatible with the game "The Elder Scrolls IV Oblivion before i actually go out, buy the laptop, and find out that its not compatible either..

The secured installers for downloadable Oblivion content are not compatible with 64-bit editions of Microsoft Windows and therefore downloadable content will not work with Oblivion.
From Here (http://www.bethsoft.com/bgsforums/index.php?showtopic=274228)
There is also System Specs further down the page link

I found this link really helpful
Can your computer run that game? (http://www.srtest.com/referrer/srtest)

The laptop is "compatible" with the game, but its graphics chip is very slow for it. I guess it should still be playable with low graphics settings.

And from everything I have read the outdoor scenes really can sap the framerates considerably more than indoor scenes. This game has been known to bring high end gaming PCs to their knees.

As Mictlantecuhtli rightly points out: Low graphic settings. If not, your game will come to a crawl.