The NGO guys have created a tool that will enable you to enable/disable ATi's Chuck Patch functionality on-the-fly. If you're playing Oblivion, but also playing other games along with it, this tool is definitely right up your alley.

"This utility will make your life easier because you will not have to download the entire Chuck Patch driver, nor will you have to uninstall/reinstall your driver to obtain Chuck Patch’s features."