That's going to be an SX drive. There is a driveshaft bellows but there is a seal behind the gimble bearing, so a torn bellows will let water in but it won't gush in and be really obvious. More of a dripping and gradual accumulation. The bellows design on the SX is exactly like the OMC Cobra because Volvo adapted OMCs design to their new gimble style drive when it came out in 1994. As far as the shift bellows, again just like the OMC. There is a threaded fitting on the bottom of the transom plate that is connected to a rubber tube that is routed high up in the engine compartment behind the engine, the shift cable goes through this, there is a small bellows on top but this is above the water line. Now the fitting/seal can leak esp if there is corrosion where its screwed into the transom mount. The question is does it only leak when the engine is running, or anytime the boat is in the water? It sounds like the leak happens only when the engine is run and run up on plane. That suggests to me something with the cooling/exhaust system leaks when the engine is operated at higher rpms. If it were the bellows, shift cable tube, or anything else related to the transom mount it would leak even when the boat has not been run and that's not what the original poster is saying. Check all the hoses, raw water pump, circulating pump, especially check the hoses that connect to the P/S cooler on the back of the engine (one hose goes from the tube attached to the transom mount to the cooler, then another hose goes from the cooler to the impeller housing. Its common for Volvo impellers to leak. Leaks of salt water will create a huge headache if left unattended.