BMW Repair: deffective ribbed v-belt, 2000 bmw 328ci, bmw 328ci

Question
2000 bmw 328ci
evan, thank you for your reply as for the oil light it comes up in the center and it is an orange yellowish color...it usually comes on when i start the car and stays on for about 30 secs to a min then it goes away and also sometimes it comes on when im driving the vehicle but it goes out within 30 seconds.  i checked the oil level and it doesnt seem to be low.. so i was wondering what else would be triggering the light. thank you
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Followup To

Question -
i bought a 2000 bmw 328ci about a week ago. and today i was driving back home and i see the red battery light appear so i became more cautious and then i noticed that the thermometer was over heating and also that the steering wheel was getting stiffer. so i pulled over and waited for about 5 minutes so that the car would cool down. i read the owner's manual and it says that if the battery light comes on and if i notice the following symptoms that i listed above then i have a deffective ribbed v-belt. so i parked it in a shopping center. and tomorrow i will have to call a tow truck..

i was wondering how much approximately it will cost me to replace this belt, how long it should take to replace, and also if a typical mechanic will be able to fix this problem.

ive also been seeing the oil light coming on for about 30 secs when i turn on the car and it goes away and then sometimes when im driving it will also appear then go away.. i showed it to the bmw dealer and they said that the oil level looks fine and that i would need to scheduale an appointment. i was wondering if you knew what this problem was.

Answer -
Chris, Our dealer charges an hours labor labor to change both belts, any good technician or mechanic can do this one. I would also check the belt driven components to see if you can find the root of the belt jumping. As for the oil light, have the oil level and pressure checked. See if the technician can duplicate the complaint. Also describe the light (red oil can top center of the dash?, or Yellow left hand corner of the dash) Please be as descriptive as possible. Check your coolant level with the engine cold.
-Evan

Answer
Chris, a faulty oil level/temp. sensor will cause what you are experiencing. Remove the under engine plastic cover (philips screwdriver), Remove the Aluminum thrust plate (16mm bolts). Drain oil, replace Oil level/temp. sensor.
Fill with 7 quarts of 5w-30 full synthetic motor oil. Replace filter while you are at it. Might have someone with a scan tool clear the fault memory of the engine computer.
-Evan