Welcome to BWz! There are many things you can do to increase your car's power. You can browse around the site (try the FAQs and the search function) for info on cold air intakes, performance chips, pulleys, exhaust, cams, intake manifold, etc. I will address your question regarding the turbo:
Yes and no. More no than yes. Let me explain: fittig a turbo will indeed reduce your engine's life. However, it is like saying that not getting enough sleep will slowly kill you. Your engine will not just blow after a few thousand miles. If you are planning on reaching 350-400k on the odometer, then stay away from the turbo. I would say go for it. BMW engines are very well suited for turboing.
I'll let the other members fill you in on the other performace mods. I'm at work... gotta go.
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