Per this page about invisible files on Mac OS X:
This pseudo-directory is used to
access files by their ID number (aka
inode number) rather than by name. For
example, /.vol/234881034/105486 is
file #105486 on volume #234881034.file #105486 on volume #234881034.
You can find the volume id and inode using stat. An example, using /etc/hosts:
$ head -3 /etc/hosts
##
# Host Database
#
$ stat /etc/hosts
234881026 23347035 -rw-r--r-- 1 root wheel 0 1035 "Jul 15 10:11:35 2010" "May 30 20:55:10 2010" "May 30 20:55:11 2010" "May 30 20:47:32 2010" 4096 8 0 /etc/hosts
$ head -3 /.vol/234881026/23347035
##
# Host Database
#