Replaced water pump, thermostat, new o-rings for hoses, new belts, new idler and tensioner pulleys, de-grease engine bay and took for a quick test spin. Touch wood, all seems to be fine - no more squeaking at start-up (was water pump bearing and idler pulley bearing). Quality coolant after a flush of the system - all ready for next summer.
Most difficult aspect of this job was the lower bolt on the water pump clashing with crank shaft pulley. Ground off about 2mm and it made it much easier to reinstall.
Parts were ordered on-line and left LA on June 29th, arrived in Sydney on July 1st then took another 9 days to get to me in Western Australia (WTF?). Glad to have my workshop back in order and the X5 ready to rock n roll.

__________________
08/06 build 4.4i Stirling Grey over black