On my S80, my exhaust tip is facing down, and is covered by the bumper, if i cut a hole on my rear bumper, and cut the tip so its facing straight back, can i just bolt on a new exhaust tip without compromising anything?

 

yes

post pics when finished.

 

FYI your going to make the resale of the car a lot less by cutting a hole in your vehicle that wasn't meant to be there.