I checked around and here is some of the info that I found on message boards regarding PTSNOOP.EXE. When I worked at AOL (years ago...version 3.0 was still the new kid on the block at that time!) we were told by senior techs that it was a virus and to send the customer to keyword "Virus Info" to download Dr Solomon's anti-virus software. Turns out AOL was wrong (again). The following is a copy and paste from a message board regarding PTSNOOP.EXE.
PTSNOOP.EXE is a TSR used by your modem. Disabling it would be a bad Idea.
However, that particular TSR can be a pain in the *ss, resource wise.
If your modem is ancient, like a 28.8, consider replacing it.
PTSNOOP.EXE is a program that comes with the set of drivers for modems based on the PC-Tel chipset. These can include the HSP Micro-Modems as well as a few others.
These modems use your system processor rather than a dedicated chip on the modem card, an architecture known as host signal processing (HSP). When an application requests the COM port,ptsnoop.exe loads the rest of the software for your modem.
Some users have reported that ptsnoop.exe loads anyway, even though they do not have HSP modems.
If you don't have an HSP modem, you can safely delete ptsnoop.exe.