Hey, here's a little oversight that I made on diagnosing my faulty cruise control that might help someone. I spoke with my local Volvo people and they said that it was most likely a vacuum leak causing the problem and that I should look for a bad vacuum line near the cruise control solenoid near the throttle body. Well, I didn't find one and so I figured I could live without the cruise. Anyway, I was under the dash tying up some loose wires for the stereo and "Presto !" I saw that the vacuum line had popped off of the cruise control release switch on the clutch pedal. Pushed it back on and "POOF !!!" Now I got cruise! I know, an amateurish mistake but, hey, what can you do?
Hope this helps someone...