This carries a fair amount of weight around here:
"Beemers" have 2 wheels
"Bimmers" have 4 wheels (hence, "Bimmerfest")
As far as engine mods go, you can pretty much forget about it....it ain`t happening. BMWs are not like Mustangs, `Vettes, Hondas, etc., they don`t respond to the usual hop-up tricks like CAI (already got one from the factory), chip, cat-back exhaust, etc. Another 80 or so HP is possible by supercharging, but you`ll need plenty of cash for that.
There`s a saying around here: "Learn to love what ya got, or buy a faster car"....
The road goes ever onward....
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When faced with choosing between two evils, always go with the one you`ve never tried before....