I have been struggling to get this game installed on windows 10 from my disk version (2dvds). I says i need a newer version of windows and there is a issue with securom i think. I tried all compatibility settings, none get me past that initial error screen. So I can't even get the installation to start.

I know this is a hail mary but does somebody have a solution for this (instead of rebuying a digital version?)

According to this link, it would seem that you are out of luck with the installation process.

https://www.howtogeek.com/230773/how-to-play-pc-games-that-require-safedisc-or-securom-drm-on-windows-10-8.1-8-7-and-vista/

Basically, the driver that SecuRom uses has been stripped from Windows 10 as Microsoft saw it as a high-risk vector for malware. And Windows 10 will apparently not allow it to run even if you import it from elsewhere.

The link also says that a solution may be possible and describes how to do it.
A second thought: I read that Securom is associated with Shivering Isles only, not with the base game. Is it possible to install the base game without SI?
Good luck!
On the other hand: Oblivion GoTY can be obtained quite cheaply in these days (if you're patient). In my mind it's worth the money, if only to avoid Securom.

yeah I read that, and the possible solution scares me a bit, so I am not touching that. I also heard that the securom thing is only for shivering isle, but I don't even get to a point where I can choose what to install.

I just had to bite the bullet and rebuy it ;)

Note that the "solution" is for Vista, 7, 8 & 8.1 only, and does not work on Windows 10.