I'm not sure if you can really do too much in the lines of rebuilding unless you get it sleeved being that it is galled up. Also, the camshafts don't have seperate bearings, so you should pull the cams out and inspect the ledges of the heads the cams ride in. If that is good and you want to go the route of sleeving with new pistons etc. contact member m5james as he has rebuilt the V8 in his E38 7 series that way which is the same block as the X5. (I'm guessing you have a pre-facelift 4.4i?)

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X5 pics

RIP 4.6is.....

2003 4.6is