Yes. Right click on the modem in the Device manager and left click Delete or Uninstall. If it prompts you to approve, click Yes/OK/or whatever. Then restart the computer. The modem will reinstall.

But before bothering to uninstall/reinstall the modem, make sure the phone is actually hung up.

I you have a modem that is external to the computer, turn the computer off, turn on the modem, turn on the computer.

If after reinstalling the modem as first mentioned and still no connection, disconnect the speaker phone and connect the phone line (w/o the phone) directly into the modem and try again. If this works I suggest leaving that particular phone (or phone speaker) out of the equation.

Charlie