I have a video of it just pouting out of here. Anyone know what that is? ​​​​​

 

You have a water cooled turbo. The banjo fitting seen on the top carries clean (hopefully) oil to lubricate, and the tube below it on the bottom drains back into the oil pan. If you are pointing to a banjo fitting (or a missing connection to the turbo) - that's connected to the cooling system. And on the opposite side flows out (or in). Supposed to be a pipe there - it will be obvious what's needed. (once you find the missing part)

 

Thanks.
Little back story I was given this car with little information on it. They just said a small coolent leak.
When I got it and say it leaking out of there. I thought the exact same thing. So I went to the junk yard to find what would go into those holes. I saw 1 motor with the banjo fitting in that area. But it was completely different than how mine is. I looked at 7 other Volvos that were set up the exact same, and nothing was in those holes.

 

Your turbo has 4 connections to the cartridge. Oil in and out, and coolant in and out.

 

Bothlines are hooked up

 

OK - coolant in and out, oil in and out - there are 4 connections to the turbo cartridge! (oil return to the pan is on the bottom)