I had a simular sounding problem where the engine was turning making a loud clicking sound but nothing else was happening. This turned out to just be the battery. Put a multi-meter accross it just to check if it is putting out it's needed 12 volts for the spark as well as turning the engine over.
By the way mate, I am new to all this (joined today); how do you put up a message for everyone to see like your "92' 525i won't start at all need help!!"?