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I take it you have a B23E engine. with 10:1 compression or there abouts. Very simple mods would be an electric fan conversion... check out
http://www.turbobricks.org
under thier mods section, they give some ideas on how to go about it.
next. Get a K&N filter, drop in. Works nice. While your at it remove the preheat hose (the one that goes from the bottem of the airbox to the exhaust) remove it, take out all the valves in the air box, open it up as much as you can (get all that stuff out)
Next would be an exhaust.
www.ipdusa.com they have an exhaust. its only cat back.
If you want more you can get a set of headers, Stahl makes a set, don't know thier address but they are expensive. you could get some sourced from Sweden (shippin's not so nice from what I've heard, expensive)
I wouldn't swap out the cam if you have a B23E, its one of the best Volvo ever produced for the red block engines. its called a K grind cam, its an awsome NA cam. very wicked power band from about 3200-6500 or even 7 grand (not recommended).
Do a compression test and make sure the engine is in good shape before modding it, its not worth while spending money on mods if its on a worn out engine.
That should get you started...
Jordan
PS where in Canada are you?
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