I recently purchased 94 740Il and have nothing but problems from the get go. Purchased as is other wise I would sue the person who sold me the car.

First there is a profuse oil leak. Replace return power steering hose which stop power steering leak now the hose below it is leaking. Major ordeal to get to, might even need to loosen and raise engine to get to it.

Other problems are surging and jerking at low speed like at take off from stop light. Jerks very hard and down shifts. If you put the gas on heavy it stops and takes off. Could this be spraks plugs, fuel filter or what? Also major clunk and very hard bounce over bumps. It sounds like the trunk is going to fall off.

Other problems are to many to list but these are the major one. Trying to decide now if I am even going to keep this peice of junk. Am I looking at dumping thousand's into a car that is only worth $3000. Youe advise and help is very thankful.

A car is worth exactly the amount of pleasure you get out of driving it. Sounds like the PO didn't spend much on maintenance, thus it falls to you!
I shouldn't think you would need to raise the engine to get at the PS hoses. Which hose exactly is now leaking? Look at this exploded diagram - http://www.realoem.com/bmw/showparts.do?model=GJ63&mospid=47530&btnr=32_0694&hg=32&fg=20

Surging and jerking is possibly due to a fuel delivery problem, but the fact that it goes away when you step hard on the gas would tend to exclude fuel pump or filter - more likely blocked injectors. Put some injector cleaner through your tank to start with.
Jerky shifts and hard downshifts may be a sign of a failing trans but I'd do a trans fluid and filter change first to check for metal in the oil or discoloured / burnt fluid which might indicate slipping clutches. If it looks clean then you have less to worry about.
Is the clunk coming from the front or rear? Could be rear trailing arm bushes, shock mounts, a loose or missing exhaust mount, or the bowling ball you keep in the trunk .... or if from the front, thrust arm bushes, strut bearing or engine mount ...

Anyway, none of it is going to cost thousands, especially if you are prepared to get your hands dirty. Getting your car working properly will reward you with both the satisfaction of having conquered new horizons as well as the joy of driving a BMW ...