Invisiblity
Although you cannot enchant items with invisiblity, you can enchant them with cameleon! It is a constant effect of 20%. So all you need to do is enchant 5 pieces of apparel with cameleon and it brings you up to 100% cameleon. Nobody can see you or attack you no matter what you do. You can attack them but they can't see you to counter, you can even steal things while a group of people are standing around and they don't notice. It also helps increase your sneak skill while you sneak around! I used the permanent bound weapons/armour glitch and used the 5 pieces of armour as my items to enchant, giving me a set of heavy armour that is completely weightless and renders me completely invisible! Note that if you pickpocket someone and they catch you the guards will stop you as usual but once you resist arrest and they draw their swords, they just run around looking for you. If you get tired of being invisible you can just change armour or clothes!
More tricks, tips and cheats for this game are right here - The Elder Scrolls IV: Oblivion cheats
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