The light triangle with car skidding? inside of it? I don't have a service manual non came with the car.
SOURCE: volvo s60 idle sensor
if you could get your hands on a scanner to read some live data it would help your plight,there is a cam position sensor when you take of the the plastic head cover at the timing belt end,did you check plugs,it also might help to clean the maf with some contact spray,sounds like plugs
SOURCE: volvo s60-2.4 D5 2001
Its most likely your siren module.
It is located in the right fender well just behind the wheel liner.
Remove the R/F wheel, remove the torx 25 screws, pull the liner to the rear and you can see it right there above the liner.
To remove the siren module...it uses a sheer bolt, which unfortunately you'd need to either drill it out, or use a dremel to slice a slot to get a screw driver in to remove the sheer bolt.
SOURCE: volvo s60 abs systems
it is most likely that the abs module is faulty,, if the fault codes are read and it shows a fault with the right rear sensor then the module is faulty,,they usually go wrong at about 110//140k
SOURCE: 2001 Volvo S60 2.4 won't start
try to start your car with the valet key instead of master should start right up problem is master key.
SOURCE: Volvo S60 2001 warning light, Engine System
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