Ok, update to the P2177 code:
I ended up taking my car into the dealership for an $80 plug in their scanner....but I think it actually paid off.
The Volvo code certainly was more precise and definitely identified the exact problem.
Autozone code P2177:
Definition - system too lean off idle bank 1;
Explanation - failed MAF;
Probable Cause - Low fuel pressure, vacuum leaks on engine, failed heated oxygen sensor
Volvo Dealer's Code ECM-280A (Exhaust control module):
Front heated oxygen sensor bank 1 - faulty signal
The dealer quoted me $500 to replace the bad front O2 sensor....said it had fried the wires. Instead, I took it home and looked at the O2 sensor myself...and sure enough the dealer was right, there was a very obvious 1.5" long tear in the black (unshielded) section of wire. It was clear that it had been touching the very hot part of the exhaust system directly beneath it...and melted through and exposed/ruined the wires.
For $100 I bought a Bosch replacement O2 sensor at Autozone and replaced it myself. However, I also salvaged the 8" woven metallic heat-shield sleeve from the bad sensor and slipped it onto the black part of the new wire where the previous one had melted. The attached clips on the black section of the new wires should help keep the wires out of reach of the hot surfaces but now I've got double the protection by using the extra sleeve.
That was yesterday and today the CEL is still on...but I've heard it may take a day or two for the CEL to go away on its own. Fingers crossed.
Now about those codes....has anyone figured out how to get the same "more precise" codes as the Volvo dealership?