Item Cloning
You can duplicate items with this trick. Get two identical magic scrolls without stealing them. Click on one of these scrolls twice. Drop an item from your inventory you wish to duplicate. (The item must have 100 health.) Exit the inventory and two copies of the dropped item will be available for pickup.
Storage Horse
After you obtain your horse, Shadowmere, knock it unconscious. Search Shadowmere and then go into your inventory where you will be able to place objects on her. You can retrieve them later by knocking the horse out again and then searching it.
Sneak Master
There is an easy cheat to increase your sneak ability that will allow you to steal from people with impunity. Go to a door that does not trigger a loading screen when you open it. Enter the structure and push your joystick to walk against the door. Your sneak level will continue to increase as long as no one hears you. Use a paperclip or similar item to hold your joystick in place and you can increase your sneak ability while you are not even playing.