Help me diagnose this issue....
 

One second the car was driving fine, I stopped, went to the gym and came out and the car started giving off white smoke. It has been giving off a faint hissing sound on the engine the day before and now when I accelerate the noise gets louder.

I looked under the hood and there was a small amount of white smoke coming from what seems near the dash. There also was oil were the sparks plugs were although I couldn't get it all the way open to completely see.

I have a video.

2002 Volvo S80 Engine noise and white smoke out exhaust - YouTube

Any ideas?

o damnn..Usually a white smoke has something to do with engine oil or coolant problem. I say you might be getting some oil leak into the turbo intake (or somewhere) ..check with the basics 1st. things like engine oil condition, check the level of the oil with the dipstick. Check to see if there is any oil leaking under the car.
And also check coolant and see if that is leaking or if the level is low.
Or it could be a headgasket blown or bad turbocharger .
You will have to go to a mechanic for further tests.

Do you have check engine light on?

Ya no oil under the car, when I did check the oil it was really low but there were no oil lights on. The check engine light did come on about a week ago. There's a leak somewhere.

well if theres leak then you have to fix that first. Fix it ASAP or else it will create more problems down the road