Either the injectors are staying open much too long or you have a plugged fuel return or bad pressure regulator causing very high fuel pressure.
Also, check to make sure the temp sensor in the air horn is connected properly -- if the wires are bad, the ECU "thinks" it's about -60 degrees and will dump huge amounts of fuel down the intake.
You could also have a bad cold start valve or thermo-time switch.
1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!