Hazard warning lights won't stop flashing

The illuminated COG on the dashboard is the Transmission Fault Warning Light. The sound you're hearing is probably the transmission locked in "get home" mode or "limp" mode. If you're going to attempt to repair yourself you'll need to start with a quality BMW specific scan tool to see what the system says is causing the fault, then trouble shoot from there. I've used a Schwaben Elite scanner on several of my bimmers with great success.

https://www.ecstuning.com/b-schwaben-by-foxwell-parts/professional-bmw-mini-scan-tool/014020sch01a~scf/

check your fuel pressure, good luck

hazard lights

If its not holding as charge your battery just cvoincidently went bad

this can be a big problem so will start on easiest first. and try to repair as going, the passenger door the problem with this could be the solenoid for the door lock. and or the switches in the lock. driver door has the same but is the master door. ie if you open door from unlocking at pass door it will only open this door, drivers side will open all doors. flashing hazards this could be because the alarm is not completely turned off this could be because of the doors, mainly the drivers side. try to find the fault with the door lock and get back to me when you have found the fault. you will need a meter to check for volts and the switches, check them as lock unlock from the inside and the key to make sure they working. dpd spray should be able to clean them if you can spray into the lock and housing that is plastic. give a good flush out after its working wipe up the mess from the spray and mear grease on the lock moving parts.

there must be alarm fitted that either has the siren disconnected or turned off. Basically sensing an intrusion alert or voltage drop. Flip out the hazard switch, there will be a wire which runs seperate from the body loom into this light, just cut it, the correct one though. if needs be trace it back.....probably end up behind the glove box

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1997 BMW 318is 328i Electrical Troubleshooting Manual ETM

Check the blown wire on the plug connection of the tail lights. They usualy burn. Then you just have to cut is off and give it an earth on the light circuit board.

check the fuses

water pump may be the way to test take off cap when cald hold reves see if water flys out if so ok if not water pump maybe on the way out