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For anyone having missing water static meshes in their downloads 1.4 through 1.53 - the problem is fixed in Version 1.7 - finally !!
Download Version 1.7
Delete any old ESP's of this mod from your Oblivion/Data folder
In the Oblivion/Data/Meshes folder: delete the Water Statics folder (with the two nifs: mALXWaterC01 and 02)
copy just the Version 1.7 ESP into your Oblivion/Data folder
Copy just the Water Statics folder into: Oblivion/Data/Meshes
I went to someone else's computer, loaded up Oblivion and this mod - it is working perfectly, water meshes and all - WOO HOO !!!
Thank you everyone for your patience and understanding while I hunted the problem, and your assistance in testing it and reporting was priceless, I could not have asked for better help finding the problem! You all are wonderful, thank you so much for all your feedback!
http://oblivion.nexusmods.com/mods/43625/*