My friend called me yesterday. His bimmer started displaying the infamous Check Engine Light. The car in question was an E38 with magnificent M62 engine. The program I found very useful for logging livedata is called testo.exe. This program lets you to both display and save livedata to your laptop. Very handy DIY diagnostics tool, indeed. In order to install, you shall have sufficient computer skills, this is not a standalone program! Testo.exe requires a server program called EDIABAS for establishing a connection in between your laptop and OBD port. You need also OBD I and II compliant K+DCAN cable for your bimmer. Download: http://phenoboy.kapsi.fi/testo
Edit: there is also a standalone version, which does not need EDIABAS: http://phenoboy.kapsi.fi/testo/testo-2016-09-21-standalone.zip
Edit EdiabasLib.config file to change the appropriate COM port.