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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.
The car is now quite old, and the yellow gear ("cog") light indicates that the hydraulic pressure in the transmission is incorrect. Check fluid level and, if the fluid is murky or off-color, have the transmission serviced and the filter replaced.
Lights come on in the dash to warn you of problems with various systems in your car. That ABS light is telling you there is something wrong with your ABS system and the other light is reported to be the transmission control module indicator light. You will have to get the vehicle trouble codes scanned to know for sure what's wrong with the car.
this doesnt sound good. sounds like your auto box has went into safe mode, which is enough to get you too a dealer. this only happens when there is a catastrophic gear box failure.
get BMW to plug in the diagnostics, it may just need reset.
Being a 318 I am assuming that your car is an automatic? This light is normally a fault indicator lamp for the transmission, on the x-series can be for the transfer box too. It is normally associated with reduced engine performance and limited or no gear change. It will require being checked by someone in the know who has the appropriate diagnostic equipment. Having been in the transmission industry- be careful! A lot of rouges out there.
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