Yes it is quite easy. I just replaced mine. I have a '01 V70 2.4T. My mechanic gave me the model number when they diagnose the problem. You can take yours off and send it to Victor Rocha for repair or you can order a remanufactured unit from a place in Tauton Mass. The question is whether you want to have your Volvo without ABS or not having to use it for a few days.
The hardest part was getting a E5 Torx socket to loosen the unit. I finally have to order one from the internet. Victor was out of stock at the time...No one around here has one in stock. Once you have the E5, just follow the instructions available from Victor Rocha.