For starters:
Don't rely on the COM ports baud rate to find out your connection speed. There were many times when the actual connection speed was a lot faster with a lower COM port baud rate than with a faster one.
If your MODEM is internal (I think yours is !!) then you should try and change (if possible) its configuration under the RESOURCES tab on the device manager (IRQ, DMA, ... etc). There is a possibility of a hardware conflict.
I don't know exactly what settings you have made but if you're sure that your MODEM is fine and wanna check the quality of the phone line you should try installing an external MODEM (just to avoid all the fuzz of opening the case) and connect with it. When you do that try downloading a large file (1MB should be fine). If the connection is 56KBit/sec then the download rate should be aprox 4.7KB/sec to 5.3KB/sec.
NOTE: I'm not saying anything about DRIVERS because i assume that they were included inside the MODEM package Downloading them is obviously out of the question for now. If you think that the drivers have something to do with that then you should uninstall it and try to install it using a generic windows driver if available.
Hope that helped ... Michael Manos
Automation R&D