well, I furtunately have 2 serials on my computer so I don't have to deal with that, but I am sure somebody such as belkin makes those splitters. I have used them for parallel ports before; however, with parallels if you accidentally ask to use the device that is not selected then the computer knows it is not connected to the computer and then you have to reboot to be able to use it. It is annoying and I would imagine that you might have a similar problem with serials, but it is easier than to have to switch all the way at the back of your computer everytime. All it is, is just a box with a switch allowing you to switch between the two, unfortunately you can't use them simultaneously, if that is what your are trying to do.
What is it you are trying to use? I know IBM and probably some others make an actual serial y-splitter, but I think they are for using a keyboard and mouse off the same port, but now that I think of it, it might be a PS/2 splitter I'm thinking of. Well I'm confusing myself...maybe some one else will know, I'm sure they exist. Sorry, it's late.
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