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Check this out; there are several links in this topic too:
http://www.matthewsvolvosite.com/forums/viewtopic.php?f=1&t=19621
The air pump basically helps the car produce lower emissions until the engine warms up. Mine sounded like a high-pitched leafblower when it went too. Seems like an unnecessary and EXPENSIVE thing to fix to me. If you don't want to fix it right away, it doesn't affect how the car runs at all; just keep clearing the code. I dealt with it for 3 months before I replaced it out of annoyance.
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