To turn the modem speaker on or off in Windows XP, simply go to 'Start->Settings->Control Panel' and double-click on the 'Phone and Modem Options' icon. Click on the 'Modems' tab in the upper left corner, select your modem and click on the 'Properties' button. Now select the 'Modem' tab in the upper left corner. You can adjust the speaker volume by sliding the control left or right.
To control the speaker volume by using a command line, click on the 'Advanced' tab in the modem properties dialog box and enter one of the commands below into the 'Extra Initialization Commands' field. Now click the OK button and you should be set to go.
M0 Modem speaker is turned off M1 Speaker makes noise until a connection is established M2 Speaker is always on while connected M3 No dialing sound, but speaker is turned on