What you're talking about is a Pro/street hotrod. From what I've seen they cost 30k and up depending on the parts even if you do it yourself.
There's a huge database of info on those cars on the web. Usually 500hp and up.
They are not usually BMW's but I saw a bimmer drag video somewhere in the forum where the 3 series did a 1/4 mile in 9.46 at about 218mph.
2004 E60 530is, Delivered 12/12/03, TiSilver/LGrey, PP, SP,PS, PDC, ACC, FRS, Step, Xenons, clear bra, body colored rear inserts. (Retired, 1983 henna red 320is)
2004 Corvette Z06 Commemorative Edition