If you're gonna do this more than twice go to Motive Products http://www.motiveproducts.com/02bleeders.html and get yourself power bleeder model 0100. It'll run you $50 or about half to a third the cost of a fluid flush from the dealer. You'll also need a decent 6 point 9 mm / 11 mm tube wrench. I use a Snap-On RXFMS911B. You'll need a piece of tubing about 10 - 12" long to put on the bleeder nuts that's got an ID of about 7 or 8 mm (3/16") and a closable container to catch the brake fluid.

Doing the job is simple.
Chock, Jack & block your car. Take the wheels off. Fill the bleeder with about a quart of new fluid (I use Castrol LMA GT DOT 4). Put the bleeder on your reservoir. Pump it up to 15 psi max. Start with the wheel furthest from the master cylinder. Put the wrench on the bleeder nut, install the tube on the nut and run it to the container, loosen the nut and watch the fluid come out until it's clear. Retighten the nut when you're done. Put the little cap back on the bleeder nut. Repeat this process three more times. When you're done at the wheels take off the bleeder and put the cap back on your reservoir. I do this every time I put snow tires on the car for the winter. Takes me about an extra 30 - 45 minutes to do.

Good luck
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D '90 745T 229k, '88 744GLE 129k, '96 328i, '73 911T 100k+