I've lived in Oxford for over 12 years now, and I own too many telecasters.
There are some really decent areas of the city, and the centre is decent, although has pretty bad traffic management (which can be a real pain when playing gigs in town!).
Of course the finest thing to emerge from Oxford is
13Gauge. :)
If you're up for the fun student side of things, there's Cowley Road. Lots of pubs and bars, a few even do decent heavy music. The centre of town has some reasonable venues for live music, too, and there's a really decent re-emerging metal scene, if you're into that sort of thing. Which of course you should be :D
Outside of that, there are museums (the Ashmolean is free and well worth a visit), Colleges (again, worth a visit) and other University buildings such as the Sheldonian Theatre and the Bodleian Library which are also well worth a look. I forget exactly when it is, but there is an annual beer festival in the town hall which is excellent :)
Plenty of decent cheese/wine/deli middle-class establishments around, too (be sure to check out the Summertown Wine Cafe and the Oxford Cheese Company). The covered market right in the centre of town is great for butchers, fishmongers and similar shops.
There are online lists of Oxford pubs - let's just say there are a few! Some very good ones (and a few really poor ones, too).
Great road and rail links to London. The Oxford Tube and the Oxford Espress buses run all through the night into central London, and can work out not too badly priced (especially if you're a commuter like me and get a longer term pass!).
Hope you enjoy living here!