I am sorry to tell you this but what has happened is that water has gotten into the engine electronics (called the DME) and damaged it. There are a couple of options.
One would be to replace the DME with a new unit from BMW, the second option would be to repair the DME.
I have seen this occur many times and know of a reputable repair facility. Also to prevent future problems there is a bulletin from BMW regarding the drainage of the E-box. We may need to correspond to fix your car.
Dr. Hagerty
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Tuesday, September 4th, 2007 AT 4:08 PM