From Oblivion Mod Wiki
This mod will allow non-magic users to enchant items (at the altar in AU) with spells they are unable to cast normally. In addition, it also unlocks certain spell types (such as paralysis) and allows them to be used in enchantments.
note: You must own the spell before you can use it in an enchantment. Bet you're glad you chose to become a thief now, eh?
Some spell types have remained locked for balancing reasons (for example, you cannot make an item of restore health constant effect, because you could make 10 such items and be practically invincible) and others have remained locked because it would probably break the game if you could make a weapon that summoned a skeleton on every strike. Most enchantments that "should" be able to be used, can. It's only the unbalanced or unpredictable ones that have remained locked.
This mod has not been 100% tested. I have tested many enchantments, but not all of them - it's possible certain combinations of enchantments could mess with your current game, so use at your own risk. Or use wisely. Whichever comes easiest to you.
Any other mod that does repeated, regular messing with stats may interfere with the operation of this mod. Most mods though will only update stats at set times and as such will be able to run with this mod without interference.