NotAtTheNet,
A couple of suggestions. First it should only be used as a last resort or goofing around. It is also easier the harder you are running toward the back fence. The hardest ones are when you have to slow down coming into the ball because your timing must be dead on. Also, based on your question wording, I am guessing you are a 3.5 player or so. It matters because as you go up in levels, you will most likely not win the point (ie. 4.5+). You are just getting it back in play. The lower the level, the better the chance they will flub the volley because they are surprised you hit it in. It is actually not as hard a shot as it looks. In fact, at 3.0 to 4.0 you will win the point a lot if you can get it back in play (in my experience). With practice you can get it in 8 out of 10. But timing is important. With a lot of practice you can hit a lob with it, although that is tough to do consistently.
First as someone else suggested you need to use a continental grip. Second, you need to get over the fear of hitting yourself, which most cannot. Their is little danger of this if you hit it right. Your contact point is about 6 inches from the ground. You are just going to snap your wrist through the ball and hit it pretty flat, extending your arm between and through your legs. The ball should be approximately positioned between both legs right under you, NOT in front of you(facing away from the net). This is KEY. If it is two far in front of you, you cannot execute the shot. A bit behind you is ok and sometimes best (an inch or two behind you, toward the net with you facing the back fence). You have a 2-4 inch area that is best for you. Then just hit the ball and extend your arm through your legs. In general, the faster you are moving away from the net, the harder you will have to swing. If it is a good topspin lob you will be running away full speed and have to hit it with all you got from behind the baseline. The rest is working on your timing.
If you are athletic, you can learn the basics in less than an hour. The best progression to learn it is start with your back to the net around the service line and just drop a ball in front of you and when it is about the six inches mentioned, easily hit it over the net behind you. This should be relatively easy since you are not moving away from the net and you control the bounce. After you can consistently hit it over from this position, the second progression is start facing the net about five feet away. Throw a ball over your head, turn, run back and hit it varying the the height and speed you have to move toward the back fence. Then lastly, you can have someone hit a few balls over your head with you in your standard net position, taking turns to help each other learn it. Remember the higher and slower the shot over your head, the better you timing has to be as you slow down to hit the shot. Then you are ready to hit it in a match. It is a crowd pleaser and fun but it will win you few points as you progress in level. But sometimes it is the only way to get it back. Once you get the timing, it is a relatively straightforward shot. It is easier to teach and demonstrate in person and I have taught quite a few how to hit it (mostly juniors who see me hit it). It is all timing and making sure the ball is not to far in front of you. That is the biggest mistake I see and it will make you look foolish if you try to hit it too far in front of you.
Good luck and let us know how it goes.
TM