Tigabu;58306 wroteWhen you stand in front of the car, it is under the intake manifold. It's a prick to get to as well, but is only held in with one bolt. Careful though as it has an o-ring or two as part of where it sits in the block
When you pull it there is an O-ring on the block and there is a rubber hose that comes out of the block and presents a neat little round rubber flange/seal thing. Replace the O-ring. Do not touch the other rubber thing, and certainly don't grab it with a pair of pliers and try to rip it out. It's clamped inside the block and when you pull it hard it will break off inside the block somewhere between the clamp and your pliers. You will then need to drop the pan to replace it and that's not a particularly fun job in the car.
Before you do any of this, get the iPd flame trap relocation kit which will put it up where you can get at it easily in future. Frankly I recommend replacing the box, O-ring and all associated hoses with new Volvo parts. Cheap from fcp, and you'll never have to touch it again.
My car had a thoroughly blocked breather box and flame trap when I got it, resulting in it pushing out the cam seal, rear main seal and crank nose seal. In the 30km drive home it leaked 3L of oil. I kept expecting to see greenpeace armed with harpoons at every intersection.
Use synthetic oil (any synthetic) and you'll never have to do it again.