What year/model X5 do you have? That will determine if it can be done on your vehicle. At least with a direct steering wheel swap, which is very simple.

If you have a 35i or 50i LCI model with either Sport or M Sport package that did not come with paddles (all 2011's, most 2012's except for later builds) then yes, you just need a steering wheel w/ paddles and you're set. I did this on my 2012 50i M Sport, mine is a 6/2011 build, and paddles were not added to Sport and M Sport 35i & 50i models until 11/2011 builds and later.

35d models never got the paddles from the factory, regardless of year or packaging. I've read posts from several 35d owners who added steering wheels with paddles - they didn't work. Perhaps if you did some DIY wiring you could get them to work?

LCI 35i/50i base & premium trims - same as 35d above.

Pre-LCI models, regardless of trim, I don't believe it will work, but not 100% on that.

FWIW, the paddles aren't that great on the X5, I don't think. I was excited to add them but they don't do it for me on this vehicle. On the 50i at least, with the linear power/torque delivery, there's no performance advantage to them. And they aren't entertaining at all like they are on my M3. Just my own .02.

The X5M wheel with paddles is mostly the same steering wheel as the M Sport wheel - same diameter, style, ergo bumps, lower trim piece, etc. The only differences are different color/style paddles, ///M tri-stitching instead of black, and slightly different button configuration (M mode button). If you have a Sport model, the wheel differences are much greater.