Loud tapping noise in my new T5 !!!!

[chrjen]

Just bought my wife a 1998 c70 2,3t5.

We have had 5 850 T5R and 850R´s so my knowledge about these cars and their "problems" are known to me - -including Hydraulic tappets making noise.
This is what has happened:
I got the car home by truck - and test drove it, driving very careful because of the slippery weather.
After 5 min drive, the tapping noise started, and continued...
The noise is following the rpm. and tapping like the hyd. tappets - just MUCH MUCH louder!!!! It is in the to of the engine and it scares me.

See and listen to this video:
http://s443.photobucket.com/albums/q...ent=c70lyd.flv

The car is an absolute minter in untouched original state with a FSH by volvo.

Any ideas are much appriciated.

Kindest Chris