Well MMH you hit it right on the nail, I can't believe how dumb I was. Turns out that this vid card needs to be plugged into the internal power supply.
In my defense though, my old card didn't need it and that joke of a manual that came with the card didn't mention anything about hooking it up to the internal power supply. In fact the only way I figured it out was by looking at the box and I saw under requirements that it said "Needs 4-pin hard drive power connector from internal power supply".
Anyways I hooked it up now and it's working. On to installing Oblivion
Thanks for the help guys.