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That sounds familiar. The good news is that can just be saturated with oil that was sucked up into the intake and not actually "blown". You will have to clean it up and check compression to tell.
All the parts of the CCV system are probably $200-$300 (CCV, oil separater, hoses, etc). My valve covers leaked shortly after, probably from over pressure, so if you want to be done with it in one go, should add those to the list, too.
Keep us posted of what you find, lots of people here have had this problem before and can offer advice.
If you haven't found it yet, you can look up the parts on realoem.com and order them online from ECSTuning, Husker BMW, Fairfax BMW, etc. for 20-30% off BMW list.
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David.X5
2001 X5 4.4i Sport
SOLD! at 160k miles
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