Well, got to some modding today and got mud flaps installed. Actually, only the front mud flaps since I couldn't get a drill into the rear without taking off the tire.

My Dremel doesn't have a big enough bit (6mm) to make the holes, and I don't feel safe trying to bore out the holes with a 2mm bit.
I started with the driver's side. That took some time (aprox. 30 minutes) since I needed to get a center punch to take out one rivet, so off the trip to Sears I go. After that, I took my time drilling the holes as I was afraid of messing things up. I got it installed finally and went to the parents to tell them my success

Here are the pictures of the driver's side.
Then I tackled the passenger's side. This took so much less time (aprox. 15 minutes) since I knew what to do. I installed all the screws with Blue Locktite (removable) to make sure nothing would rattle loose. I'm pretty happy with what I did today!
When I looked at the rear, I knew I wouldn't be able to do it with the wheel on. My parents suggested I take the wheel off and reinstall it, since they were going to take it to Costco to get them rotated anyway and they would get re-torqued to the correct specifications. (I know BMW recommends not to for performance reasons). Once I tried to get the jack to work, it wouldn't budge.

Turns out it broke the last time my parents did a tire change, but they never told me about it. Probably going to get a 2 ton jack at Pep Boys next week and finally complete this project. I'll get completed pictures next week!