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Those suggesting replacing bearings and fixing the existing motor need to understand that once there is audible rod knock, it's dead. You *must* tear down the engine as there will be crank and/or rod damage and bearing debris throughout the engine that must be removed. I can't tell you how many calls I get from people who cut corners without a full teardown and are now dealing with oiling and Vanos issues from the fallout.
This is a tough decision nastynogales. The money you would pay to have the engine professionally replaced (or properly rebuilt) would put you in a close to negative equity situation. For a high mile 08 you might end up taking a smaller loss by selling the car for parts (or parting it out yourself if you have the knowlege, space, and patience). The side issue with parting it out is that buyers are not usually interested in high mile early model parts.
Your best financial outcome would be from parting it out yourself. But that's not for everyone. In my experience it takes up to a year to liquidate every last nut and bolt from an M3 if you stay on top of things. If you decide you would rather liquidate it as is, my shop may be interested in buying it.
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