Try not to stress, your life is NOT over. Think of this as a chance to open your mind and find some other hobbies. You could take art class, try a new sport, any fun clubs at your school? If all else fails enroll in a recreational volleyball league and practice very hard and try again next year!
Try to find a recreational volleyball team this year and keep working on it then tryout again next year if possible. High school especially freshman year is about finding yourself so grab some friends and try out different clubs or some other sports. You never know you may have some secret talents :)
That happened to me with basketball I was cut during final cuts and was devastated. I used that anger and frustration to motivate me to do another sport, I did track and field as a sprinter and long jumper and I love it cause your only good if you try, there isn't much natural talent as much as hard work. You just have to find your sport it's never to late
Go out for cross country or sumthing else. And try really hard next year