Can anybody help me identify which part this is? Also, is there a walkthrough or any help to move toward fixing/replacing it? (The hose that comes off to the left and back toward the camera goes into the bottom of the radiator)

Thanks.

 

Water pump. Common failure on rear-drive Volvos. It's a DIY job if you have tools and time and you're handy, find a good mechanic if you're not, it won't stop leaking.

 

That is NOT the water pump itself, rather the rubber "donut" that seals the pump to the head. You can replace it but the pump has to come off. You need the pump gasket, the donut in question and the smaller O ring that seals the pump to the heater pipe (all is sold as a kit). The pump does not have to be replaced--it can be reused if it is in good shape. Usually it will leak there when cold, as it heats up it swells and stops.

 

the aftermarket water pump seals mostly are JUNK. get real volvo seals for this, they will work and last a long time.

 

Thanks, y'all. Anything else I should know? How would I tell if the pump itself is bad?

 

if the pump itself was bad, the leak would be around the pulley shaft.

 

Actually the leak would be on the underside of the pump where there is a small "weep" hole for that purpose. A catastrophic pump failure would cause coolant to come from around the shaft but that's pretty rare... Another test is to try to move the fan or pulley back and forth to detect play in the bearing.