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I must admit,it doesn't sound hopeful...
If the speedo isn't working,then you possibly have major ABS failure.Even if one wheel sensor is faulty the unit usually still works the speedo from the other wheels.I'd check the fuse for the ABS system first and go from there.It could be just a fault with the supply or earth wires to the unit,or could(unfortuantely) mean that the unit it's self is faulty.
Good luck,and get back to us with your findings.
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