Be a little different, go for an older M5 (E34) 1993. 3.8 liters of straight six muscle, 340 hp (in Nurburgring package). They run around 20K Canadian. Or you could opt for a 1995 540i with sport package and 6-spd. They still give an honest 280hp and are a bit cheaper, and newer. Gotta love the older 5 series, very reliable and sporty.
I have always wanted one of those...If was able to execute my choices that would be #1....#2, if i could, a Renault R5 turbo, #3 Peugoet 206 6 spd., #4 a 6spd, Chevy Impala ( it can be done I think), and i think the stereo would sound good in it!!