Well, I got tired of my steering wheel... And, I found a nice wheel from a E39... so, this was kind of expected:
My old wheel:
Removing is simple. First, disconnect the battery. You don't want that airbag blowing into your face. And, you certainly don't want to see that pesky air-bag light on your instrument cluster. Wait for about 30 minutes for the system to discharge. Unscrew the torx bolts that are in the back of the wheel. Torx 30 should do the job. Take the air-bag gently off the wheel. Unscrew the central bolt (16 mm socket) that holds the steering wheel, and disconnect the two connectors. Pull the wheel towards you, and that's it.
This is the E39 leather, 3 spoke wheel that I installed. It's like new. :)
Installation is reverse of the removal.
Well, I had to take it out a couple of times, to center it, but it wasn't that hard... :)