Need Special Tools!
You need special tool to get the old one out - Don't think it is something you want to do yourself. I had a beamer shop do that for me and it cost me $200 on labor. No alighment is required. And part is not that expensice, just make sure you buy OEM part for that. Last thing, are you sure it need to be replaced? My E39 has 130K on it and no issues with my bearings - unless the car has had a majore accedent or rear end damage ...
Regards,
/A