Yup, after the usual anti static precautions and unplugging everything, undo the 2 retaining screws on the back panel, pull the motherboard out and pop the modem daughtercard out. I think there are some retaining clips on it for the back panel (also take the blanking plate off the spare serial port). Then press the little reset button on the motherboard and put it back into the machine.
Did this with my girlfriend's machine, makes it much more stable too.