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Yep, sounds like a sticky caliper to me. Also if it's got that hot if it wasn't knackered before it most certainly is now as the piston seals/boots probably got toasted so will definitely need refurbed if not replaced. I recommend getting your brake fluid changed as well at the same time as the repair.
Another thought, if it was the handbrake shoes that stuck then you may also have to consider getting a new wheel bearing and the hub trued up.
What was glowing, the disk or the bell or both?
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E92 335i | 6 Speed manual | BMS 4xLED Halo Bulbs | JB4 (waiting to be installed) | BMW Performance Gloss Black Grills | BMW Performance Exhaust | Smoked side Repeaters
Aero Front Lip | M3 Lip Spoiler |19" Cades Tyrus 'Gunmetal' with polished lips | Falken FK452 Rubber ........... More to come 
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