That's a good question. I haven't tried it since 98SE, but it worked well then. In fact it worked so well, that I used to used the program to test new modems.
You can use the contact manager within outlook to call people.
You know, one day I'm going to concede to the fact that I need to look at Outlook. It was one of those things that appeared at some time after my brain went mushy, and just exploring new Windows add-ons became equivalent to conjugating something in early Latin/Late Greek.
I will try to look into the modem control again, but down here in the wilderness, I don't have a local telephone company other than the line supplier. I can dial 100,000 people for free, but no one else. Dialing out now consists of (apart from me Cell phone of course) of an 800 number which recognizes my home phone so that I don't have to put a PIN in. This sadly means listening to a lot of verbiage. A ten second delay would be about right.
S'funny. I was the owner and technical director of a successful computer company in the 80s, now I would soon mutilate my good eye with a rusty fork, than delve into new software.

I would live and breath computers in those days, I don't know when the transition took place...probably about the time customers started saying their kids would sort out the problems when they got back from school.
You're not going to believe this, but I was once given the keys to the front door of the N** **** bank in the City, so that I could work in peace on a Sunday. Acres of unoccupied desks and one security guard that I never saw. I rather imagine that the money department needed a couple more keys to reach. I wouldn't do it now, there'd only be a 50% chance of me remembering to lock the door when I left.