If the transmission "arrow" light is coming on you should change your trans fluid as soon as possible (unless you know you've done it recently, that is). There is an article about this on Bay13:
http://volvospeed.com/Repair/Transflush.php

Do this now before your transmission fails.

ABS and Tracs Off lights usually mean a busted ABS/TRACS module on the 1996+ cars - not sure about the '95...

Don't worry about the service light - it's just a reminder that it's time to take it to the dealer and doesn't really reflect any reading/measurement of anything.

Until you read the codes out of the computer there is no way to tell what is causing the Check Engine light. Get the codes and we might be able to help. Read the description of how to read codes from the 7xx/9xx page linked to in a previous response above, and follow the instructions carefully. Write down every code you read out of the computer. You can read and clear the codes in the computer yourself using the procedures outlined on that page. This is exactly the same procedure your mech will use.

Without knowing what codes are leading to the Check Engine light, I would suggest the regular tune-up maintenance stuff:
- replace all vac lines and elbows
- clean throttle body
- clean idle air control valve
- check for intake manifold leaks
- new plugs, new dist cap & rotor, new plugs

also:
- O2 sensors fail often and they might be the cause of your problem
- ditto for MAF
- you need the codes to proceed so go read them out of the car