BMW Repair: Control Buttons on Steering Wheel of 325ci, torx bolts, slip ring

Question
All Buttons on the steering wheel do not work including radio, computer,cruise control and the air bag light is on. Horn works. Checked fuses and could not find one blown.
I think this maybe the slip ring after seeing other questions on forum.
I know how to take the airbag out but then what do i do and will it be the wires i can see on the steering wheel when the airbag is out or are there more? Can you give me please instructions on how to install a new slip ring and what a slip rng actually is?

Car is a 2001 E46 325 convertibable

Many Thanks
Neil  

Answer
Neil, I would try a slip ring and thanks for looking at other posts first. Center your steering wheel and remove your airbag as you know how. Move the steering column as far out and down as the column will allow. Remove the center steering wheel bolt (15mm or 16mm). Note the mark on the column and the matching mark on the steering wheel for reinstallation.
Remove the wheel. Press the center pins out of the plastic rivets in the upper and lower steering column black plastic cover halfs. Lever out the rest of the rivets. You can reuse them. Split the plastic covers by pushing them apart with the heel of you hands (not easy). Unclip upholstered upper trim from upper cover (pry straight up). Remove Black slip ring unit (four torx bolts)and connector. There may be connections for the turn signal and wiper stalks into the slip ring from the back. I don't remember. Slip ring is locked as soon as steering wheel is removed. Don't twist new Slip ring from its centered position when installing. Reassemble. You won't get and airbag light if you don't turn the key on with the airbag disconnected. Good luck. Please let me know if this fixes your problem.
-Evan