The propshaft has CV joints at the front and back and a centre bearing. The CV's are replaceable for about £250 each from Volvo. I would suggest having a good look at the rubber boot on the front CV joint. The heat from the nearby exhaust downpipe seems to cause the boot to split prematurely and grease leaks out of the joint leading to noises and vibration. If you are lucky you might get away with regreasing the joint and replacing the boot. Bailey Morris sell the boot separately for around £30. Volvo only sell the complete CV joint.
If the centre bearing has failed you are probably best sending the whole shaft to a speclialist for refurb. I've read several posts from people who say you can drive these cars without the propshaft in 2WD without damaging anything so that may be a temporary option if you don't need 4WD.
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