Ok friends, thank you all for the great advice! Had to sift through a lot of the BS but the great advice that some of you have posted has given me much needed hope.
So here is where we are now. The original problem car going into limp mode and then car would not start at all with purchase of new battery, this from the prior owner. Well I unplugged the abs and bought a new battery. Both original problems fixed. Presently I am getting that huge current draw, error codes p0741 and p1870. When accelerating from stop has trouble getting out of 1st and 2nd after that fine, the battery light will flick on and off randomly while driving. Check engine light is on. I have a hunch that alternator is bad which I have thought from the beginning but could be wrong. I will test as most of you suggested by taking that B+ off. My first worry is that transmission, I am assuming and hoping it is the TCC solenoid. If I can get the transmission working I will then move on to the current draw problem. Is this the right solenoid? https://www.amazon.com/ATP-JE-8-Auto...me=2002+BMW+X5

Once again Thanks a bunch and will keep you updated as things progress. I was so down and out about this but this board has made it exciting again!!!