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Well, I think I found the problem.
The bolts which keep the air filter on have been getting quite stripped. But I never imagined one of them would work its way loose. But that is just what happened. I just fished out a bolt from the carburetor. The throttle plate stopped it from going any further. (See pictures here: http://www.pbase.com/macisaac/volvo)
But the washer is nowhere to be found. In other words, it is most likely the washer inside one of the combustion chambers that was causing the loud banging.
So.... I guess I need to pull off the head and see what kind of damage the washer has caused.
Remembering that I have never taken an engine apart before, any advice beyond what the Haynes and the Service manual will tell me? They talk about disassembling the engine with it on the bench, but I can take the head off without removing the engine, right? I need to get hold of a new head gasket, most likely? Anything else? What should I be careful NOT to do when doing this for the first time.
As a side note, before this diagnosis I started the car in order to back it into the garage. Very little knock, and it ran relatively smoothly. So I hope there was minimal damage and I can just remove the washer and leave it at that. Likely?
Greg
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