My car blows blue smoke when it's cold. Can I just ignore it?

Old Volvos are not only well built cars, but they're also cool as hell. That's why you need to bite the bullet and pay the money to get it repaired NOW - before the engine is lost completely. Every time you drive it with bad rings more damage is done to your valves. You can either pay the money and get it fixed, or drive it till it dies and get another car. As is, my guess is it has approx 3-4k miles left before it dies.