sounds plausible.. could have been just a bad hose that finally went out on you. Regardless the thermostat is prolly fried and you'd need that and new hoses at the least. If I were you i'd buy the whole cooling system overhaul kit from bimmerworld. You get everything you need: metal impellar waterpump, thermostat & alum housing, NEW hoses, radiator, and even BMW coolant. All this for like $300..
Complete mod list and pics:
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