High temperature oil safe epoxy such as JB Weld, or a good gasket sealer will seal the cracks, but more may form later.
There is a cheaper chinese made aluminum valve cover some have tried.
www.e46fanatics.com
There is also the M56 SULEV engine aluminum valve cover retrofit that some like.
There is a cheaper chinese made aluminum valve cover some have tried.

Aluminum valve cover
Photos at 101 above.. I have removed the small screws and am red locktighting them in, on brush cleaning the inside recovered some fine metal dust, will be using OEM gaskets, so far so good.
There is also the M56 SULEV engine aluminum valve cover retrofit that some like.