If you got steam you may have lost all the coolant. Not good. I'd suggest what you are looking at is the heater valves and under that is the aux water pump:
Water valve/Water hose BMW 5' E34, 525i (M50)
My 1995 525i over heated on me on the way home from work. My question is, one the fire wall on the drivers side right next to the fuse box there is a thing that has four round things on top of it. There was steam coming from underneath it. What is it? I seen hoses down there but couldn't see anything leaking from them.
If you got steam you may have lost all the coolant. Not good. I'd suggest what you are looking at is the heater valves and under that is the aux water pump:
Water valve/Water hose BMW 5' E34, 525i (M50)
Oct '00 E46 330i. Feb '92 525i (departed)
yep, heater valves and aux water pump, and I assume the neck of the aux water pump broke and then you run really short on coolant.
go to my website
Shogun's Repair Guides for BMW Seven Series
on the left click fixes and there must be under climate control heater valve repair/ fixing, at least you can see how to remove them and clean them