I was recently told by a coworker that if I were to work more than 80 hours in one work week that I would be entitled to being paid doubletime. I am currently ending a 76 hour workweek only to be heading into a 98 hour work week. Can anyone help me out as to what the law states and is my company required to pay me doubletime after paying 40 hrs of time & 1/2?

Your co-worker is incorrect.

Federal law does not require doubletime in any circumstances. So far as I know, the only state that has provisions for doubletime is California and that can occur on a daily basis (if working more than 12 hours in a work day).

From the Attorney General for Massachusetts:

http://http://www.mass.gov/?pageID=cagoterminal&L=3&L0=Home&L1=Workplace+Rights&L2=Wage+and+Hour&sid=Cago&b=terminalcontent&f=workplace_overtime&csid=Cago

In 49 out of 50 states, including MA, your employer is NEVER required to pay you doubletime unless you have a bona fide, legally enforceable contract that says so.