I'll continue to post this as it continues to remain germane.

Benny, I do not recommend that a novice attempt to do any type of brake repair as the consequences can be fatal. If you screw up a tune-up or timing belt your car won't start or will run so poorly that you won't drive it. If you screw up your brake job the car may not stop....at speed...with negative results to you, your passengers and others. Why do I nag about this? I'm a professional, ASE certified technician with about 40 years experience, an auto/diesel shop instructor, and have owned [among other things] numerous Volvos since my first PV 544 in 1964. This page has numerous questions about brakes, many of which suggest that the questioner has minimal understanding of automotive systems. So I'd suggest getting professional assistance or, at least, a friend who has the skill, knowledge, experience and proper tools.

But if you are planning to plunge ahead, you will need the following:

A manual....Bentley's, the original Volvo OE manual. Do not rely on Haynes or Chilton's for accurate and complete information;

Tools....good quality tools which will grip fasteners and parts properly. Sockets and wrenches should be 6-point to grip flats as opposed to 12-points which grip tips. Remember that brakes are constantly exposed to the elements and chemicals thrown up from the road. Rust and corrosion are common. You will need a torque wrench. Wheels, hubs and brakes are particularly vulnerable to incorrect clamping sequences and amounts. Have a [tool] caliper to measure rotor thickness and wire brushes to clean hubs. I use a thread chaser on all fasteners.

Parts....Other respondents have discussed parts with detail. European manufacturers of that vintage typically believed that disc rotors should be soft and pads hard to get the best braking forces applied to the wheel. Some noise was considered acceptable. Noise control was accomplished with shims and other devices which change the resonance of the vibration to a range outside human hearing. Brakes vibrate, they all do. sometimes heard, sometimes felt, sometimes ignored. I buy virtually all my parts from RockAuto unless it's a Volvo only piece. AutoZone and similar usually offer you at least a choice between basic and premium parts in brakes.

Procedure....Jack the whole car or just the front or rear and secure on stands. Do one wheel at a time so that you can refer to the other side if something looks amiss. Follow the procedure in the manual precisely. When re-assembling follow the instructions for proper torque.

Keep us posted.