Just watch the speeding tickets, my insurance company just found out about mine from last fall and they pulled my "Safe Teen Drive Discount" and raised the rate a little, bringing up the rate about 25% total. I'm 18 and have to wait until I'm 25 or married to get it back to normal...
Enjoy the car and don't let your "friends" force you into being their taxi. Matter of fact, never drive anyone in your car who you don't absolutely trust.
I also got a M3 for my first car (albeit a '99 vert with 56k miles on it and about 400 less horsepower than yours) and found myself constantly bombarded with buddies asking for rides and trying to talk me into putting on a show for them. Be safe, remember that the car is a responsibility and a gift that your parents trust you with.
'08 135i - Alpine/Black, BMW Performance