I would like to know if it is possible to use the voice modem on my computer as voip gateway between the pstn. i have seen several reference in the net that allow you to implement an answering machine with stuff like vgetty. shoulding such integration be possible in the light of this.

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It is possible to use VoIP services over a Dial-up modem connection.
The services you can use over dial-up are limited, but there are some services that do accomodate VoIP over dial-up.