Thanks for the input everyone, its appreciated greatly.
@TS: I might go that route, it really just depends on what I can find engine wise and the price. You can't forget where I live, there aren't allot of Volvo's in general around my area here in AL. The ones I do see have all been wagons, haven't payed attention if they were turbo charged or N/A because I was never interested in Volvo's until now

But really the american V8 swap isn't hard in this car, not hard for me at least. The motor mounts would be really simple, I would just buy some energy suspension poly generic small block chevy or ford mounts and then just put them on the block and drop it down and mark and then just weld them in after all the mocking is done. The suspension isn't an issue either, a newer 4.6 liter ford V8 weighs about 450lbs on average, I can't find the weight for the volvo engine that would be going in if I go that route, but it has to be fairly close. I have put big blocks in 4cyl Mustangs before and didn't touch the suspension and didn't have a single problem, and that suspension doesn't hold a candle to the volvo's suspension. The fuel delivery would be extremely simple, I will probably be putting in fuel cell in the trunk and I can either use an electric pump in the fuel cell, or a pump mounted on the frame, super easy.
The rear end would need to be addressed with either engine because of all the extra power. I would either get a rear end out of a turbo 850 wagon, or just do a ford 9" with a 4 link set up, pretty simple. My best mate is a welder/fabricator, so all of that would be free besides buying the materials, he even has a cnc machine. Don't take all of this as me dismissing or shooting down the idea of putting in turbo Volvo engine because I'm by all means not doing so. It all just will come down to what I can find and the price, both swaps will be just as difficult/easy as the other to me. I have swapped numerous 350ci chevy motors into cars that never came with anything close to that, its really not that hard. My mate's dad actually has a small block chevy plastic engine replica to scale for doing mock ups for doing swaps. So instead of using a cherry picker and going in and out a good bit marking and fabricating, I can just literally sit the model in with my bare hands and do all of the mocking like that, it is made of some type of plastic and might weigh 7lbs. I'm keeping all options open, and will be taking the road that offers a more effective way of keeping costs down. I for sure will be doing a 4 link for the rear, and will be looking at the front suspension to measure it up and see if there is something close to the size that would improve it also.
Again, thanks for all the info to the people that have posted it. Every bit of information I can learn about the car will help greatly. I will for sure be doing it in a way to make it a great car, and also not to piss off any Volvo lovers buy destroying/cutting up such a loved car, I have more respect for the car now after learning more about it.
EDIT: Here's two pics of how I'm planning on the paint, yes they were done in photoshop and not done very good, I just did them quick to show the basic idea. On the two tone black and silver I would have to decide to do either the top half black and bottom silver or the other way around, I think I like the black on top better though. Or I might do the paint just like it was stock but instead of stopping the lines that go in a U shape on the trunk lid like stock I would just have them go straight across the trunk lid, I think it would look better like that myself. On the first image I would paint the bumpers the same silver as the body, and also shave the handles, locks, fuel door, and the red light on the rear quarter also. I would also like the grill to be blacked out, or black with the silver in certain areas. I really like the silver like that and also black on it, looks good either way to me.