http://bugs.winehq.org/show_bug.cgi?id=29067
--- Comment #13 from Matt mr.exuberant@gmail.com --- Okay, I got it working for now in wine 1.7.12. Here's how I fixed it:
Create the following registry key folder if it does not already exist HKEY_CURRENT_USER/Software/Wine/Direct3D
Add the following 2 keys (note that the VideoMemorySize is a STRING type, not a dword as I figured it would be!!!):
VideoMemorySize (set this value to your graphics card's VRAM in megabytes) OffscreenRenderingMode (set to backbuffer)
Launch Skyrim with WINEDEBUG=-all so you don't get millions of fixme lines printed (which will slow down the game)