EDIT: Yes, there is still an ongoing thread about Bluetooth that has already answered a lot of questions on how to get it up and running. I even posted a link to a downloadable Bluetooth/Phone owners manual that can help walk you through the process.
Go back to the E53 forums' home page and scroll down the 1st page for a thread titled "2005 BLUETEETH" (or something like that)
If you have the BT box, then you need to retrieve the Pass Key code (PK code). The PK code was also on a card in the owners binder...check if you have a BT/Phone booklet.
If you have a smart phone, and the PK code, you should be able to pair your X5 & BT phone. You will need to use the "face-talk" button on your MLF steering wheel once the phone & your X are paired.
There are voice commands you can use to make calls etc once you've got everything paired.
There should be another thread going on about BT pairing (unless I'm confusing this forum with another X5 forum)...I could have sworn it was going on like sometimes since last Friday & Saturday.