I'm planning to replace mine soon,I purchased the 2 piece bushing from IPD. I've read a hacksaw blade works well to cut out the old one and the 2 piece installs without any tools.

From this site:
http://www.matthewsvolvosite.com/engine_mount2.php

"The 'standard' DIY way to remove the old bushing is to use a hack saw blade. Before sawing you might want to put something to catch the bits of rubber that's being sawed off so it doesn't get scattered all over your engine. Having done that, insert the hack saw blade through one of the "gaps" in the bushing and start sawing off from inside out. Initially, you will be sawing of rubber and the feeling is soft. As you progress to about 1/8" you will likely beginning cutting through the hard plastic part of the bushing. YOu'll know this when the feeling gets harder. This is the time slow down on aggressive sawing so that you don't suddenly saw through the plastic and end up scratching the mount. When sawing, I suggest you use 2 hands to keep the hack saw blade level. Using 1 hand may cause you to saw at an angle and may scratch the mount. I guess no matter how you're careful, you'll invariably get the hack saw blade on the metal and make a tiny but insignificant scratch (I did). When you've sawed through the hard plastic, the bushing will collapse and it can be easily pulled off. Pull it off the mount from the driver's side"
--
Geo