I bought EASE OBD-II software and a serial PC interface for $275. It can read and clear _generic_ OBD-II codes. It doesn't give anything like the detail of the Volvo codes but at least I know why the light came on. It has come in handy for resetting an intermittent fault code, but I haven't decided if it was worth the $275. I got it because I live kind of far from the only dealer in town, it saves some time.
There are shareware products on the 'net that can read & clear OBD-II codes, plus instructions for building a serial-to-whatever-the-OBD-interface-is converter or you can buy just the interface and download the software. Depends on how much time you have vs. how much you want to spend.
Have you asked the dealer how much they would charge to reset the light? Probably more than nothing but not a whole lot. At the same time I think they can reset the service light interval for you to reduce that annoyance.
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