Engine Failure problems of the 2003 BMW 530

I was driving my 2003 BMW 530i, while I was driving I used the volume control on the steering wheel to turn the radio down, after depressing the button immediately I smelled and recognized there was smoke coming from the steering wheel. I pulled over, and turned the car off. After several minutes I turned the ignition and proceeded to inspect the car. The volume controls did not work any more along with the horn does not blow anymore. Actually when I depress the horn it makes the steering wheel rise up and down. The airbag light flickers off and on. My radio works sporadically. I called BMW of north America and asked about any recalls on this vehicle after seeing a posting online about airbag malfunctioning. This seemed to fit my situation however the gentlemen who took my called said there was no recalls on this model. . . . . This was disappointing and my problems arises more and more after this. I get a transmission failsafe warning almost all of the time because the car seems like it wants to cut off while driving at times. My brake lights flicker off and on at times and then stays on while driving. I got a warning ticket from an police officer. He said it is a safety hazard. My headlights flicker off and on at times while in operation. I get a engine failsafe warning at times and the car goes into limp mode. . . . . . .

The vehicle, at any given time or mode of operation (driving at speed or stopped), will display on the console the message engine failsafe prog and then the vehicle will stall. Once the vehicle initially stalls, the vehicle can usually be restarted immediately, but will soon stall again with the interval of time between stalls decreasing between successive stalls and restarts. If the vehicle is then allowed to 'rest' for atleast a day, it will run fine for a while (often several hundred miles), but will eventually start stalling again. First exhibitedthe problem at 600 miles, then 1200, 1700, ????. . . BMW has been unable to fix it.