Twice winner Watson, now 57, has already had a top 20 finish in his only start on the US Tour this season and a win on the senior circuit, birdied the second and fifth, but gave one shot back on the 350-yard third.

Oberholser birdied the short fourth while the other two leaders were there by virtue of picking up a shot at the 575-yard second.

England’s Kenneth Ferrie, who qualified for a debut by finishing sixth in his first United States Open last year, was alongside them after he made two on the 180-yard sixth, but it was followed by a bogey.

The opening hole, always one of the most difficult on the course, was still waiting for its first birdie and among those to come to grief there were Scots Colin Montgomerie and Sandy Lyle, Welshman Bradley Dredge and South African Ernie Els, one of the favourites.

Montgomerie, gloomy about his prospects on the eve of the event, chipped right off the green and had to make a six-foot putt for his five, while 1988 champion Lyle and Dredge, another debutant, both three-putted for five and six respectively.

Els was perfectly happy with his first drive, but got into trouble from there and was another to walk off with a double bogey.

There was more woe for Montgomerie, who had come close to dismissing his chances beforehand, at the second. His approach trickled into the back of the guarding bunker and he failed to get out of the sand at his first attempt and went to two over par by running up a bogey six.

Lyle was on the same mark after eight holes and while playing partner Dredge did birdie the second and eighth there were also three successive bogeys from the fifth to leave him two over as well.

Ian Poulter was in the first group out and with seven to play was down on four over. Wearing a trilby-style hat and green trousers which perfectly matched the colour of the Augusta members, he was still looking for his first birdie and had double-bogeyed the fifth and bogeyed the seventh and 10th.

Defending champion Phil Mickelson was just setting off, while world number one Tiger Woods, seeking a third successive major and 13th in all, was in the third last group.

The day had begun with Arnold Palmer receiving a huge ovation for hitting the ceremonial first shot.

Palmer had agreed to become the tournament’s honorary starter and although it was not a drive to be particularly proud of, hooked left and bouncing into the rough, the 77-year-old had no need to worry about it.

“I didn’t make a bogey today,” he said after leaving the ball where it lay and heading back to the clubhouse.

After a moment of silence first in memory of Byron Nelson – a former honorary starter who died last September – Augusta National chairman Billy Payne introduced Palmer to the crowd lining the first fairway.

“Now on the tee at Augusta National, where he belongs, to the thrill and delights of his millions of fans, four-time Masters champion Arnold Palmer,” said Payne.

“Arnie, would you do us the honour of beginning our 2007 tournament?” And after Palmer’s shot Payne added: “The 2007 Masters has now officially begun.”

The first triple bogey came from American Joe Durant – almost inevitably on the treacherous first.