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I'm not familiar with Turbo Volvos, but your leaking "big round thing" sounds like your coolant expansion tank. If it's really old it could have failed, or as steve suggests your hoses may have failed. Check your fluids, start the car, don't go anywhere, open your hood and wait to see where your fluids are comming from. About six hours ago, I dropped $720 to have all three of my front seals fixed (plus timing belt and such). You may have blown one of your seals.
Personally, I hear nothing but horror stories about turbos, so I avoid them like the plague.
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Six Volvos: all wagons.... 1972 145S, 1976 245 DL, 1983 245 GL, 1986 740 GLE, 1990 740 GL, now a 1995 940. Number 7 (a 1967 122S Wagon) is on the way.... Who needs a sedan, when you've got storage compartments in a wagon?
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