These pictures have been posted before. The car is a 325i modded by Hamann with the v10 from the M5 and a M3 body kit.
What I would like to point out in this picture is the front Under-spoiler addon. The M3 design has been out long enough we all know what it looks like, and I think this little bit on the front does amazing things to the overall look of the car. Not to mention it balances out the bottom of the front so it doesn't look nearly as bullet nosed from a side profile.
Alittle comparison to make things easy.
Anyone agree with me that it makes the car look insanely more aggressive?