Coolant/Engine Issue on a Volvo?

[Robert H]

I have a 1993 British Spec Volvo 850 SE and last night while I was driving it the car apeard to be running a bit sluggish and I began to see white smoke coming from under the hood on the Drivers side and all my Warning lights lit up my Dash board. I added more coolant and when I got home I check the coolant resevior again and it was bone dry. Filled it overnight and it was dry again this morning when I went to check on it. I have looked at all the lines coming from/going to the radiator and nothing seems to be cracked. I cannot find the leak either. I know it's on the driverside due to the amounts of water found underneath the car last night. Also if you start the car with the coolant resovior cap off of the vehicle and rev the engine, water spews out everywhere.
I don't want to believe this is a head gasket issue, due to the fact that the vehicle has only 78000 miles on it. PLEASE HELP! I'm running out of ideas.