My total WAG at it, worth exactly what you paid to get it. ;-)
I'd pin it to line noise as the culprit, not your modem. Dial up the number with your phone and see if you can detect any noise.
If not, you can try getting your modem to give you a report on the actual line quality during a session. (More sensitive than your ears...) "AT&V1" dumps a session report on most modems, I think.
Lastly, take a phone to your outside phone utility box where the service enters your house. The box should have a phone jack you can plug into. If it sounds good there but bad inside the house, somethings up with the wiring inside your home. If it sounds bad at the box, you can have your Telco come out and check it.
Bear in mind however that most phone companies only guarantee "voice quality" lines, so you have to be sure to tell them it's interfering with your conversions.
And with no warranty/guarantee, you can check:
http://fun.bestdsl.net/~gbaltzell/mac_modem.html
Good luck regardless!
-DV