The Peake Reserach tool you are looking at is exclusive for BMW.
But yes, there are several "gadgets" the market that will read and clear codes for a BMW and all other OBD2 equipped cars(1996 upwards)
Cheapest one i have come across is the Actron Pocket Reader... some $30.- or so... there's one from Harbor Freight Tools for about the same price. And then there are programs available for free on the i-net that can read codes using a PC or laptop provided you have a compatible interface(most popular one right now is the ELM 327, i believe) =/- $120.00. The interface translates the pulsess it gets from ur OBD2 port, and communicates that into ur laptop or PC into a langauage that is readable for both you and me.
Of course, if you are the type who thinks that paying top dollar is your way of doing things... there is the Snap-On MODIS or SOLUS.