1. CV joint is bad, replace it. Do both outside half shafts if you can just to know they both are new and don't have to worry about it for a while. You can do the yourself or find a midas or Mieneke type place and they can do it for a lot less than the dealer and a BMW indy mechanic.
2. The rear a/c fan has it's own control so make sure it's off. If the FSR didn't help then probably your blower motor is toast.

The 4.6 was made with the ///M style an power in mind. Keep a close eye and treat the tranny with care as that powerful engine maybe too much for that torque converter.

Good Luck!