Yes, but you will still need something to run the OBC functions. Plus, you will need the "Bord Monitor" radio module to handle audio. If you do not have DSP, then you could probably use just a carputer and drive everything. You would need a standard amp or aftermarket amp for audio. You could always keep your MID and hide it in an alternate location to do the OBC functions.

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2000 E38 750iL Highline Edition, Upgraded with the lastest 2006 X5 Electronics
MKIV Navigation, 16:9 Display, Bluetooth, TV/Video with Backup Camera, Sirius, and Aux Input