I have a high pitch squealing on my volvo - gets drowned out by engine noise around about 2000 rpm, but is still there. It is not the fan belts (took them off in an attempt to diagnose) and seems to be coming from the front part of the engine. Could it be a water pump (has about 60-70 thousand miles on it)? Any suggestions appreciated.

As mbliss suggests, get a length of tubing, hold one end to your ear and move other end to suspected parts. Helps if tube is stiff so you don't risk injury by holding pick-up end.
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1980 245 Canadian B21A with SU carb and M46 trans

Timing belt tensioner. They usually last about 150k mi - anything more is a bonus. Replace it ASAP.
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Bob (son's 81-244GL B21F, dtr's 83-244DL B23F, 'my' 94-944 B230FD; plus grocery-getter Dodge minivan, hobbycar 77 MGB, and numerous old motorcycles)

Define if it's a squeel or a whine.
Belts squeel.
Bearings whine.

For the latter, godo be timing tensioner, alternator bearing, compressor bearing, etc..
Also if it does this at cruise instead of idle, could be your center driveshaft support, sound coming from under the car.

definately isn't alternator or compressor... took the belts off and ran engine to confirm that. hapens at idle and at speed, so can't be center support... will investicate the timing tensioner - sounds like a likely cause.

Nor water pump, if the belts were off. I'm betting t-belt tensioner, too.
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Tom - original owner '84-245na; ipd 25/25 sways; full gauge set; 292K miles and Rolling

I assume you hear this at idle, too. Does it vary with engine speed? You may be able to track it down by using a piece of large-diameter tubing like a stethoscope to find it.

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'81 GLT 245 W/245K; '83 DL 175K