I perform professional Information Technology services as a salaried non-manager employee. The company requires me to work 80 hours of overtime per year without receiving pay for the time. I work well over 80 hours of overtime per year but when I cash in my over time I receive my normal hourly wage. My two questions are can they require me to work overtime without compensation for the first 80 hours? Shouldn't I be receiving time and half for the additional hour over 80?

Probably not, unless you are in an industry with an exemption for overtime. You can read about exemptions at: http://www.dol.gov/elaws/esa/flsa/screen75.asp