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The only other obvious thing that will stop it starting if it gets wet is the distributer cap,but I'm not 100% sure your car will have one.Their might be a round,doomed type plastic item under the bonnet with 5 thick leads coming from it(4 go to the spark plugs,1 comes from the separate
).If this gets damp then the water within it causes the spark to short out and not go to the spark plugs,although this is protected by the bonnet and would usually cause a misfire too.
I would take a look at the sensor for the key first.The sensor has a clear red plastic cover over it and is situated near the interior light in the headlining.Any signs of water in here means that the circuit board for the immobiliser could be shot.
I'd rather push my Alfa than drive a BMW....
Currently in Lagdti's garage:
2004 Saab 9-5 HOT Aero and a 2001 Audi A3 1.8 Turbo