I wouldn't immediately panic comrade, first thing I would suggest is to see if there's any coolant on the dip stick. That's a clear sign that the head is cracked and will need replacing... I sounds like your cooling system is definitely shot and will need to be completely revamped. The sound you're hearing could be broken belts, pulley's, water pump or thermostat pieces parts. First check the oil for coolant and proceed from there. Just my two and a half cents worth...
V/R Zachary Pullins Sr.
National Capital Chapter BMWCCA
NCC Member Recognition Chairman
NCC High Performance Driving School Registrar
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2006 E90 325Xi & 2000 E46 3XXi
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Last edited by Zchild; 07-03-2011 at 04:11 PM.