http://www.e38.org/carandkeymemory.pdf
just read and follow the instructions carefully and you will get it, sometimes if while sitting in your drivers seat you do the reset with the key up towards your left shoulder it seems to work better ..... you'll get it just follow the instructions

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2001 740i sport, Dinan upgrades, Bilstein's & H&R 2's , Zimmerman vented rotors, Akebono pads, HID fogs, BSW speakers and subwolfer, MKIV nav, Alpina Lip, OEM clear lights, 3m carbon fiber interior wood delete, 20" BBS, Fast enough for me