PLEASE NOTE: These drivers are freeware, you must read the file ReadMe.txt and agree to the terms therein before proceeding. They have been used successfully under both WinXP, Win2003 server and Win2000. However, if you have a problem with the requirements as described in the ReadMe you should stop now and purchase one of the commercially available products.
The files needed are:
ComEmulDrv.inf; ComEmulDrv.sys; MxSerialEmul.dll; ReadMe.txt
The files can be downloaded here
Copy the 4 files to a folder: C:\VirtualSerial - you will need to create the folder first.
Start Control Panel and click Add Hardware:

The Add Hardware Wizard starts, click Next

The Wizard searches for new hardware:

And doesn't find anything, check Yes, I have already connected the hardware and then Next:

In this next window select Add a new hardware device

And hit Next, in the next window select Install the hardware that I manually select from a list (Advanced)

And hit Next

In this window use the scroll bars to allow the selection of Multi-port serial adapters
Hit Next.

Hit Browse and go to the folder that you created earlier, select the file ComEmulDrv.inf:

And hit Open:

If necessary select MixW serial port bridge, then Next

Hit Next again:

Hit Continue Anyway, there will be a pause while windows installs the drivers then the following dialog will appear:

Hit Finish
The driver is now installed; the next step is to set up the pair(s) of ports
The driver will allow you create virtual COM ports up to 255, however most applications will not "talk" to COM ports higher that 16, so we will start our virtual COM ports at 10.
NOTE: If your system already has real COM ports as high as 10 you will have to start at 11. You cannot have a real COM port and a Virtual COM port with the same number
Right click on My Computer and choose Manage:

In the computer management dialog click device manager:

The right panel opens, expand Multi-port serial adapters then Right Click on MixW Serial Port Bridge:

Select properties:

And then the Properties Tab:

Select COM 10 as the first emulated port:

And COM 11 as the second.
You may also set up another pair if necessary: (COM12 > COM13)

YOU MUST REBOOT THE COMPUTER TO MAKE THESE SETTING WORK!
Reboot NOW.
You have set up a bi-directional link between COM10 <> COM11 and COM12 <> COM13, any data sent from a program on COM 11 can be received by another program on COM 10 and vice versa, also between COM12 and COM 13.
NOTE:
You will not see these Virtual Ports in the device manager:

However, more ports can be added by right clicking on the MixW serial port bridge device.
Also note that it is not necessary to set the baud rate and other parameters for these ports - its automatic.