Before you do anything, you need to verify that it is indeed the wheel bearing that is making the noise. If the noise goes away when you turn, it is usually the hub that takes the weight - opposite from turning direction.
Jack up one front wheel, grab the wheel a the top and bottom and try to wiggle the wheel. If you can hear noise, it is probably that bearing. Verify with jacking up the other side and doing the same test.
To DIY, this link is pretty good. But, I would take off the wheel, pop out the center cap, and put the wheel back on - no torque setting needed, just tighten the lug bolts, and put the wheel back on the ground. Then, loosen the center nut, you will need a breaker bar.
Then jack the wheel back up, put in a jack stand for safety, and get to work. If the hub screws look rusty, spray some PBlaster at the base of them and let them soak while removing the caliper. Hang the caliper on the strut spring.
http://volvospeed.com/volvo_repairs_how_tos/volvo_brakes_wheels_repair/fwd_volvo_bearing_hub_replacement.html
http://www.fcpgroton.com/product-exec/product_id/3092/nm/Volvo_V70_Front_Wheel_Hub_2001_2008_OEM/category_id/103
Klaus
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Volvos should be saved from the junk yards, not donated.
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