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What is it?
Modem - carpserv.exe

What does it do?
carpserv.exe? - This is a utility for Zoltrix and Conexant modems to allow you to listen to the modem as its connecting to the internet. This is more of a debugging utility that isn't needed unless your dialup is acting weird and you need to listen for line noise.

Virus Precautions:
You'll want to keep an eye on this google search for any known viruses. The normal location of this file is C:WINDOWSSystem32carpserv.exe