Chris:

If you have an immediate need to pass inspection without having it leak all over the place, just disconnect/remove the power steering pump belt. You can slip it off the P/S pump pulley, drop it down and loop it around the rear of the A/C compressor to hold it out of the way. When the rack in my '85 245DL blew a seal in New Mexico a few years back, this is what I did, and drove the car home to Florida without power steering (you won't even miss it on the highway, around town and parking require a bit more effort, however).

I've heard that Jorgen Auto has pretty good prices on rebuilt racks. No experience with them myself, just third hand information. Here's the URL:

http://www.jorgenauto.com/rack-pinion/volvo.html#VOLVO

Good luck.