If your engine sounds like a diesel your DISA might be the problem. The DISA is a valve that regulates the amount of air that goes in the intake manifold.
To diagnose the problem, simply check if the rattle is gone when the DISA is disconnected. First, open the hood and listen to the engine running. Now turn off the car, disconnect the DISA and start the car again. If the rattle is gone, you know the DISA is causing it.
http://s12.photobucket.com/albums/a2...t=MOV02505.flv
People have suggested taking the DISA off completely and closing the hole with metal plank. Others suggest cutting off the flapping part of the DISA so that it never closes. The third option is to either replace the DISA or try to clean it.
Parts: CRC Throttle Body Cleaner - about $10
Procedure: Take the DISA off.
Once you have it out, take out the little plastic cap. You see the moving mechanism for the rod. Spray Throttle body and clean it. See picture bellow.

Move the flap to fully closed position. Using the little straw that came with the cleaner, spray throttle body cleaner inside the the hole the rod goes into. (circle on picture) Keep moving the flap so that the cleaner can reach everywhere.
Spray and clean the flap area. (Arrow on picture)

Also spray in the little air hole. Be careful not to get cleaner in your eyes because moving the flap will expel it of the air hole.

Reinstall the DISA and the rattle should be gone.
Many thanks to Solidjake, Myfirst330Ci, Brian McKinney and all other bimmerfest members.
To diagnose the problem, simply check if the rattle is gone when the DISA is disconnected. First, open the hood and listen to the engine running. Now turn off the car, disconnect the DISA and start the car again. If the rattle is gone, you know the DISA is causing it.
http://s12.photobucket.com/albums/a2...t=MOV02505.flv
People have suggested taking the DISA off completely and closing the hole with metal plank. Others suggest cutting off the flapping part of the DISA so that it never closes. The third option is to either replace the DISA or try to clean it.
Parts: CRC Throttle Body Cleaner - about $10
Procedure: Take the DISA off.
Once you have it out, take out the little plastic cap. You see the moving mechanism for the rod. Spray Throttle body and clean it. See picture bellow.

Move the flap to fully closed position. Using the little straw that came with the cleaner, spray throttle body cleaner inside the the hole the rod goes into. (circle on picture) Keep moving the flap so that the cleaner can reach everywhere.
Spray and clean the flap area. (Arrow on picture)

Also spray in the little air hole. Be careful not to get cleaner in your eyes because moving the flap will expel it of the air hole.

Reinstall the DISA and the rattle should be gone.
Many thanks to Solidjake, Myfirst330Ci, Brian McKinney and all other bimmerfest members.