I was wondering what would happen when an engine ceases?
Does it smoke or steam?
I was driving my car yesterday and the engine SHUT off!
When I brought the vehicle to a stop all the coolant leaked out and on the ground.
I had a squeaky sound in the belt and that day it turned into a grinding sound really odd. I thought I had no oil maybe so I went to the gas station and the oil level was good.

depends on what happened. In most cases, an angine cease won't make a grand finale. Sometimes there is an explosion that happens in the combustion chamber and a flame can shoot out of the intake or some other part of the upper. Otherwise, it can go with some quick noise and that's it. Over heating can cause smoke though, which leads to engine ceasing eventually.

The squeaking on the belt could have been antifreeze too.

when was the last time you checked your belts? or maybe its a busted water pump that caused over heating?

ive seen this on the internet. maybe it could help you out. blog on volvo water pump (http://discount-volvo-parts.swedishpartsshop.com/2007/02/15/an-issue-with-a-volvo-water-pump/)