Not knowing the full details, I'm going to stay conservative with saying it's a 60 / 40% chance here to where 60% of it seems to be no it doesn't appears that it will work with this one.
We'll need to know your exact engine model + what version ECM you have..... so far in my searches I've noticed that the 5.7 osi-ef uses a EGC style ECM to where the 5.0 osi-ef looks to use a MEFI style ECM.
If your engine has the "EGC" type ECM then most likely no it won't work due to the connector/adapter part number 94024 doesn't appear to plug into the older Volvo DDT type scanners. Plus there may not be any updated harness adaptors or DDT cartridges to work on the EGC type system. Plus should you be able to get it connected without any special adaptors from Volvo, you'd most likely run into a host of other issues of why it won't work/communicate.
Should you have the MEFI type ECM then you should be able to at the very least connect up to the Data connector/adapter with using Adapter # 94005 but being an 2006 you might or might not run into a communications problem...Won't know until you give it a try plus it may depend on what support version software cartridge number / year you have too. Volvo cartridge part number 3863486 looks to be one version which says to support MEFI 1 - 4, it might do 5+ as well but don't know for sure.
Have a look at all the photos in the following link for some info to read regarding the cartridge version,
http://www.ebay.co.uk/itm/OTC-diagno...-/112303385635
Here's a scanner connector guide for you if needed,
http://www.michiganmotorz.com/diagno...?tplDir=mobile
Volvo Penta Marine is now using a scanner labeled as "Vodia 5 Diagnostic" Kit which is for Volvo dealer use supported by special manufacturer website communications which most likely took away from the VP 2000 programming much like Mercruiser did back around 2005ish.
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JustJason might know of something more to add here once we know your engine model along with having the serial number would help a lot too.
