What is broken on my car? - PICTURES?

Andrew1

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I was driving my car and I noticed white smoke. I pull over and check the coolant and it's completely empty. I pour some more back in the reservoir. I start the car and find the leak flowing out of a large hole on a piece of the engine. (you can see the bright green in the photos).
I'm not very good with cars.
Do you know what part this is? How much it may be to fix/replace. Sorry for the poor lighting.
1994 Volvo 940

http://flic.kr/p/e8J7nT
 
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