Are there any error lights showing up on the dash?
The first thing I would do is check your fuses. The steering column issue is probably a fuse. If not, check the wiring that goes to the drivers seat, if this becomes disconnected, the steering column stops moving. There are two fuseboxes on your X5, one behind a panel in the trunk, one behind the glove box. There will be a little diagram telling you which fuse is for what.
For the suspension issue, the light on the dash indicates that your car is sensing a fault of some kind with the system. It is impossible to say exactly what has gone wrong without having the fault memory read using a BMW compatible scan tool. To do this, you will have to go to your dealer or a well equipped BMW specialist to have this properly diagnosed. It could be a problem with the control unit, the pump/compressor, a sensor, etc.
Please let me know if you have further questions.
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Thanks and good luck.