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It is possible, and there are people out there doing it, I know someone who is in the process of gathering parts to turbocharge a B230F powered 240. I would suggest you buy Corkey Bell's book Maximum Boost and read it through a couple of times then decide if you are up to the chore.
It is a little more complex than just bolting on a turbo but if you take all factors into consideration and have a good head for wrenching it's a doer. If I remember right the B-23E is a very high compression engine which is not the best candidate to start with, extra precautions will have to be taken to prevent detonation.
Dave Shannon
Spring Valley, California (San Diego area)
'84-245 200K+
'85-244Ti 200K+
'86-740 230K+
'88-240 180K+
www.volvo2.homestead.com (Opens new window)
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