My sons e46 325i makes a noise very similar to that and on his its a bad power steering pump or a bad alternator bearing. Leaning towards the power steering since it doesnt work. If he ever comes back by sometime I will try to make a vid of his car. He's to lazy to change either but thats whats doing it on his.
Taking the belt off makes the sound go away is how we diagnosed it.
At least you will know for sure if its an accessory by removing the belt. Of course you cant run it long that way since the water pump isnt turning with the belt off.
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