Quote Originally Posted by guttering flame View Post
Spoiler: I made another go at it
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Is the gal on the telephone the dream goddess we see in the main comic? The third dream is different as well after the phonecall:
Spoiler
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Who is that starved dragon?

Spoiler: Yes, that's who that is.
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I believe Vaermina was also the weird, hole-covered thing Katia saw on the first night. I bet she's investigating something related to what Gaius Atrum told her a month ago about the cultist dreams. The entity on the other end of the phone sounds like Hermeus Mora, the Daedric Prince of knowledge and fate. His personal realm is a giant library of forbidden knowledge.

As for the dragon-thing, that is probably Akatosh, the Dragon God of Time. He is the cheif deity in the Nine Divines pantheon and is innately connected to the ruling bloodline of the Cyrodiilic Empire. As long as an heir is wearing the Amulet of Kings, he'll be able to keep the Daeda in their home plane of Oblivion.
Spoiler: Oblivion Plot Spoilers
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In a few days, the king of Cyrodiil will be murdered along with his three heirs, triggering the opening of the gates to Oblivion. In the climax of Oblivion, the hero will locate a fourth, previously unknown heir (a priest that Katia met in Kvatch and was mysteriously terrified of). He will sacrifice himself to become Akatosh's avatar, a golden, fiery dragon, and close the gates to Oblivion.