HELP!!! 01 X5 3.0 no power, sputtering, 5 mph max

[bimmerboy12]

So my wife stopped by work today and said hey listen to my engine, it sounds kind of weird. I got up to it and the only thing I noticed is the exhaust sounded a little lower note. I got in and hammered it and it screamed down the road up to 5K rpm just fine. I turned around to come back and all of the sudden I lost power and ABS, gear symbol, triangle exclamation point, Brake, Check engine, and EML lights all came on. It then sputtered like it was missing badly, cyclically revving from 800-1200 rpm. Hitting the gas pedal does nothing. In drive it lurches forward with every rev. I filled up with gas and put Heet in and it did nothing different. It still has torque because during these "lunges" when I brake I have to really mash on it to get it to stop.
Anything you can help me with to get started would be really appreciated!!!!!
Brian