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massive coolant leak help 700

last when driving my coolant just dumped out of my car and had to pull into a gas station to let cool then drive one block 6 hours later to get to my house. looking at the hoses today i found what i think acording to the FAQ is the Plastic-bodied heater water valve. it is not plastic however and is like brass or that color metal. its close to the firewall and is attached to a hose coming from the firewall. am I correct in thinking that it is that part. and if so can i replace it easily like at pepboys or do i need to order that part. and how much about is it. i can do the labor myself.
Thank you for all the help
Misha
--
1988 740 turbo sedan 4 speed manual + OD 163000 miles








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    massive coolant leak help 700

    OK, on a 1988 car (now 14 years old), you are best advised to replace the entire cooling system, namely:

    -the water valve (which apparently failed)
    -both heater hoses
    -thermostat
    -both radiator hoses
    -radiator
    -reservoir hose

    Your reservoir is probably aging as well. If you have the original water pump, then keep a close eye on it. All of these components age and, in most cases, fail catastrophically, leaving you stranded and causing a head gasket failure.








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    massive coolant leak help 700

    Is that valve the source of your leak?







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