When I started my 94 formula smoke poured out from underneath, I'am not sure from where. Smelt like anti-freeze. all my gauges were fine, and it dident overheat. Are there any hoses that could be leaking on the muffler? when i popped the hood it was'nt smoking as bad as the back of the car. when i got out it almost seemed as if it was coming from the muffler.

bad hose or freeze plug it could be a lot of things. The coolant runs all through the engine.Maybe water pump gasket.

I wouldsuspect heater hose or a hose of some type. Parts store has a telescopic mirror that could be helpful in lacating where to find the leak.cheaper than pouring anti freeze on the ground

thermostat sounds stuck causing car to overheat

You need to replace the water heater core

How's the anti-freeze doing? Usually when you see white smoke coming out the tailpipe it's because you are getting anti-freeze in the exhaust somehow. Try to sniff it a little does smell like anti-freeze, or oil? I don't know why the oil pressure would be low unless you are getting anti-freeze in the oil. Does the oil look milky, knda like chocolate milk? The low oil pressure could also be a faulty gauge, you may want to have a mechanic put a mechanical gauge on the car for test purposes.

no it doesnt corode it, its all in what GM recommends, If you're blowing through anti freeze, I would check for a leak or maybe replace your thermostat.

Radiators leak and break easily on the 528i. Also, there are bleed screws that are plastic that can sheer off and create a leak on the two main hoses.
Or, the guy who did your head gasket didn't check it for cracks, so it's leaking into the cylinder chamber and burning out.

The oil you find your antifreeze is probably transmission fluid. This is when the trans cooler built into the radiator leaks internally.

i would change the tremostat and see what it does

It sounds to me like you have a head gasket leaking. See if you can get a gauge and check each cylinder. Are you using alot of anti freeze?