Drain all the oil out into a clean pan and strain the fluid through a coffee filter.
Inspect for parts.
If all appears to be aok, fill with ATF fluid. Put the car up on 4 jack stands. Start car. While in car, put into all gears, but no acceleration.
Let the car run in 5 gear (at idle...
http://7mpowered.com/forums/showthread.php?t=123
List of all the cam makers that I know of for the 7m. If any body cares to add to it, by all means do so.
Yes. A boost leak will throw fuel (mostly unburnt) into the ehxaust system. When the exhaust system becomes hot enough, it ignites the unburnt fuel.
You may think you are boosting "fine" but its not likely.
Also, check ignition timing and cam timing.
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