Problems with new 95 325i

Just bought a new car, my first BMW

A day after I bought it, it blew the lower rad hose.. The temp indicator hit the red (for about half a minute before I could shut it off) Could anything have been damaged in that time? Also, Even when the engine is warm, the heater blows ice cold..Im assuming there was too much air in the system, or it was out of coolant all together.. when I change the hose, is there a way to get all the air out of the cooling system? A bleed valve perhaps?

heres the process to bleed the system:
- fill the expansion tank to the cold mark. - loosen the bleed screw located on the exp. tank. - put your heater controls on high heat and turn ignition to run position (car off) -add coolant until it comes out of bleed screw (no bubbles present) - tighten screw(careful its only plastic) - run engine and recheck level.

thanks..

For future refrence, that seemed to solve the problem entirely...