You can scroll the console output using the 'Page Up' and 'Page Down' keys. The console prompt will appear in the lower left-hand corner of your screen.
depending on your keyboard layout), found near the '1' key on most keyboards. The console can then be accessed in-game by toggling the 'tilde key' (the actual key can be ~, º, ¬, |,^, \, §, etc. If it's not there, you can add it in the section. To enable the console, make sure the bAllowConsole is set to 1 in your oblivion.ini file.