| Do some searching on this site, rgore. It's been covered many times.
Meanwhile avoid driving the car as it's possible to cause more damage when it's in this state.
It's almost certainly the power steering pump. If you continue to drive it, it could fail and take the wiring loom and possibly other components with it.
Many people have had goodwill payments from BMW where the car is low mileage or only just out of warranty.
Oli | 
