I have a May 2003/E46 330 Cabrio and I am living in Denmark/Europe. Car is equipped with the MK IV system. I followed "shoimin" 's instructions and it just worked out a 100%, and the graphics improved significantly (I was on the V24 O/S). Thanks for quality advice in this forum.
As advised by Shoimin I used the WinRAR software (very easy) and the ImgBurn, also very easy. The V28 software download was from the URL:
http://www.megaupload.com/?d=KX592IQU
Regards
Jesper