Most likely, the modem is not detecting a dial tone, or dialing because of the drivers. There are some cases in which a driver may appear to be working properly, but in fact, it is not. Try using a variety of different drivers, then find one out of many that works perfectly. Otherwise, you may have a fried PCI slot. Try switching the Modem into another PCI slot, and if it is external, attach it to another USB/IEEE Firewire connection. Get back to us with updates after you have tried maybe 10-15 different drivers and tried the reconnect.
Also, test your phone line using a telephone
USE DSL or BROADBAND is the other option. DSL from SBC is like 20.00 a month now, so cost should be NP for you.