How to un-nock an arrow

No you cannot. There is however a mod that you can use which allows you to do this if you are okay with using mods.

You can access the mod here:

http://www.nexusmods.com/oblivion/mods/9333/?

You will need the Oblivion Script Extender, which you can get here:

http://obse.silverlock.org


Confirmed working in Oblivion for PS3:

If you talk to someone, completing dialog un-nocks the arrow. Obviously this may be overly difficult unless you accidentally nock the arrow in a town.