This is NOT tethering and PDAnet will not help!!
I have had a Motorola Timeport, V60c, V60m, V3c, V3m, & V9m. All of them were able to be used as an analog modem for dialing into remote modems for out-of-band console access to network equipment as well as sending / receiving faxes.
Anyone know if this function is can be enabled with the Droid?