JOEL - Both are correct. Jesus was the son of the glorified immortal God, who is the father of all our spirits and the father of both the spirit and the body of Jesus. His mother was the virgin Mary in whom God the Father (who has an immortal body of flesh, bone and spirit) placed His seed.
We don't know exactly how He did it, but it was done in such a way that allowed Mary to retain her virginity.

HOLLY - Do L.D.S believe CHRIST LIVES ON THE PLANET KOLOB?

JOEL - We believe that He resides in Heaven with God the Father, whereever that is. Our scriptures tell of a vision that the Prophet Abraham had where he saw that God dwells somewhere in space near a star that is called Kolob(Abr. 3:3). We don't know for sure if he meant it literally or figuratively. Since Jesus has a resurrected tangible body it makes sense that He might live at a physical and tangible place. But we really don't know anything more about it besides this.

HOLLY - IS IT TRUE THERE IS NO SALVATION OUTSIDE THE LDS CHURCH.

The word "salvation" has slightly different meanings when you compare traditional Christian beliefs to LDS beliefs. The traditional Christian believes that after you die, you are either saved in heaven or you go to hell. The LDS Church believes that almost everyone living on earth will be saved into some level of Heaven, even those who are not LDS. But salvation into the highest Kingdom of heaven where God dwells, requires one to repent of their sins, be baptized, and live the Gospel of Jesus Christ. Salvation also means that we are redeemed from death and sin through the atonement of Christ who suffered for our sins.