My bad. In Oblivion, the keyring mod put an item called a 'keyring' into your inventory. Every key you got (key to house, key to dungeon, etc) was put into the 'keyring.' It prevented the keys from cluttering your inventory. You could have every key in the game on your person, but it would all be included in that one item that held all of your keys. For me, it was a must-have. It acted like a folder in your inventory, and all keys acquired automatically went into the keyring. Never had to think about it, all keys worked. Great mod.