Black smoke and lots of loud banging? Sounds like a heck of a party under your hood man!

But seriously, dont keep running it to find out the problem post mortem. If it suddenly was normal after a bit like you say, it may be salvageable.

As mentioned, read the codes, something like that would probably leave a few.

Have you looked under the hood and underneath? Anything off visually? How are the fluids? Still level and normal color and consistency?

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04 X5 3.0i auto
03 X5 4.6is