Hack-Man-
This sounds like a lifter noise. As long as it goes away within a few minutes, it is not a major concern. If it comes and goes after the engine is warmed up, it may be a sign of lifter wear/failure. How dirty is the oil? You can try changing the oil and filter and running the car for 10-15 minutes over 5000 RPM. (Second gear on the highway) Don't worry- as long as you have oil and coolant, and the T-belt isn't overdue, the engine can take it without any problems. If it lasts longer than a few minutes at startup or comes and goes after warm, you can replace the lifters. The replacement parts from Volvo are an improved version that specifically addresses the noise concern.
Dave the Volvo Tech
'99 V70R AWD, '93 854 GLT (upgraded lifters) '82 242 DL
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