Yes it is possible... I have a 1994 740iL (E32) with 19" Chrome M-Parallels that I just robbed from it and mounted them on my E53, perfect match. They do ride a lot better on the X5, but it should be expected because I had very low profiled tires on the 740iL, while the X5 have a lot of rubber on them.

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Robert

1994 740iL
2001 X5 4.4i Sport
2004 Kawasaki ZX-6R
2009 VW Jetta S