That suspension module is toast. Pick up a used one... last one I got was <$50. The other silver unit is the radio unit.

Do yourself a favor, check your rear sunroof drains. And then drill some small holes into the bottom of that box so if water does get in there again, it doesn't fill up the well and fry the electronics again. Had this exact issue happen on my 05.

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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)