Is it possible to buy a blank key and have it cut/programmed? (Part # LX8FZV)

So I only have ONE key that was given to me when I bought the 04 X3 so I wanted to get another one to keep here....

Would it be possible to buy a blank key such as this one here Blank Key and have it programmed and cut?

I think I can program it but will that work? I'll have to find someone to cut it... but I am concerned about the extra electronics which are embedded and may only be programmed by the dealer.

Having said that, what's the overall price for a new key? I'd love to hear your guys previous experiences.