NA> I can't virtualise it without loosing the dialup modem.
NA> 
NA> I suspect that with the way Microsoft is going and shooting themselves in
NA> the
NA> foot, Server 2008 will be the last OS for the BBS.

How about a serial terminal server?  That is exactly how I have my Weather
Station (which is a DB-9 serial device) connected to my ESXi environment.

The Weather Station serial connection goes to the single port terminal server -
 which is connected to my home network via ethernet.  I load the terminal
servers serial drivers on the VM hosting the weather station apps, point it to
the IP of the terminal server, and it works just like a serial device to the
program.

You should be able to do the same thing with a modem.  You can even fail over
to other hosts and still keep the serial online.

- Mark

--- WWIVToss v.1.52 
 * Origin:  http://www.weather-station.org * Bel Air, MD -USA (618:100/12.0)