No. The lug pattern (5x120) is the same, but the wheel hub size and offset are wrong. Generally speaking 3-series wheels are around ET40, while all other bimmers are around ET20. To make it worse, the E46 M3 has both ~ET40 and ~ET20 wheels (ack).
Rule of thumb: 3-series wheels fit 3-series cars. Every other BMW can share wheels. Exception: E39 engineers smoked crack and made the wheel hub 1.5mm larger, so they don't really fit other cars, but you can get hub-centric rings that fix that. Just not on your 3-series.
Bottom line: the smaller wheel bores on your E46 wheels will never fit over the hubs on your E39. Sorry.

Would probably look cool if you could.
