I have a 2000 Volvo wagon, v70 se, and it was making a cracking type sound every time I would turn my wheel... Well now the other day it really made it loud!! And since then my wheel is shaking a lot and oddest thing is I no longer have the cracking sound...I do approx 100 miles per day and am scared to drive it.

 

If it is occurring when you have the steering on full lock or close to, it is quite likely to be a failing CV joint. (constant velocity joint)

They are located directly behind the front wheel hub assemblies and are the outer drive shaft connections designed to pivot when you steer the vehicle.
They have a rubber boot over them to prevent ingress of water / dirt etc which is very detrimental to them. You may notice them on inspection being torn already if the relevant joint is failing.
They can go for quite a period before total failure but you would be wise to have them checked out and replaced if the cause? ASAP.

 

+1 on a likely CV joint, and based on current description of issue I would suspect you are very near total failure and when that happens you will be sitting along side the road or worse. Get it looked at before driving any distance.

 

Welcome & Thank you all on sharing valuable information !