Welcome to the Xoutpost dude!!!

nice ride... i see that you got a clear/white third brake light - cool...

there is a skidpad covering the bottom of the engine bay, so it is rather hard to pinpoint the leak by looking at where the leak is... however, looking at the leak on the right side, i would suspect that a hose cracked, or a neck of radiator is cracked, or the hose is loose from the radiator...

pop the hood, shine the light, when the engine is cold, see if you can touch hoses going to radiator and see if they are relatively snug...

the blue smoke is more of an oil burning, the white smoke is the coolant seeping into the engine - totally different nightmare... lol...

Bentley manual is good, there is also a section on DIY on this forum, and sometimes E38 and E39 forums have good pointers, considering that the E53 is largely based on the E36, E39 and E38 family... Also, you can download a user manual for the car from the BMW website - go to their main site, register for the owner circle - it does not give you much perks but still...

welcome