I'm curious if I can get a sport 3 spoke steering wheel to fit and work properly on my car. Is this possible?

yup... Search and ye shall find..... Very popular mod for those of us willing to spend the cheese to make it happen.

cool

Or you could just go get a sport... ;)

http://bmwdiy.info/msport-wheel/index.html

Just make sure you have the correct round airbag for the sports steering wheel.

I had the standard sport steering wheel and bought a brand new e46 M3 steering wheel and it bolted right on with the same airbag...

BTW, if anyone is interested in the standard 3 spoke steering wheel, I have one I can sell :D

identical thread on sport steering wheels:
http://forums.bimmerforums.com/forum/showthread.php?t=1003240
Only a few hours older than your posting...