How much did you pay for that engine if you don't mind me asking? Those things ain't cheap usually.

Take it to a machine shop/engine shop if you don't want to tear into it yourself. Someone familiar with Euro engines. Won't be cheap, but for what you got the truck for... would still be worth it.

As upallnight said, sounds like a blown head gasket as I doubt a motor that valuable was left outside uncovered with the intake manifold or the plugs removed. Plus water would be in the other cylinders as well. If it has oil, drain it and see what comes out. You'll want to pull the lower and upper pans anyway as now would be the time to do those gaskets if the engine is usable.

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2005 X5 4.4i Build 04/05 Maintenance/Build Log
Nav, Pano, Sport (Purchased 06/14 w/ 109,000 miles) (Sold 8/15 w/121,000 miles)

2006 X5 4.8is Build 11/05 Maintenance/Build Log
Nav, DSP, Pano, Running Boards, OEM Tow Hitch, Cold Weather Pckg (Purchased 08/15 w/ 90,500 miles)

2010 X5 35d Build 02/10
Nav, HiFi, 6 DVD, Sports Pckg, Cold Weather Pckg, HUD, CAS, Running Boards, Leather Dash, PDC, Pano (Purchased 03/17 w/ 136,120 miles)