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Ok to answer number one. It's common after high water temps to get some air in the system. You'll top off the coolant, drive around a bit and it will be low again because the pump will purge the air eventually.
Number two is also common on this car. It's part of a fail safe mode. My car did the same thing when the pump failed even though it was still cold. The computer will command the fan to max rpm and will limit max engine power in effort to give you as much time a possible to stop the car at a safe location.
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--Marcelo
'06 Arctic Metallic 325i | Sport Package | 6MT | Dinan Stage III suspension | Dinan exhaust | 330i manifold swap! Click here! | Active Autowerke tune | 135i Brake Calipers | Deiselboost caliper brackets | E46 M3 front rotors |