Hmmm, packet loss isn't caused by your modem. I lost packet is just that, a "packet" of information that got lost somewhere between the senders computer and your computer. It relates more to the quality of your connection (noise), number of hops, or in uncommon cases the recieving computer is to slow to handle the info.
However, lots of people playing nowadays have digital connections like ISDN, DSL, or Cable with Much lower ping times. An analog connection will effect your ability to play somewhat.
You shouldn't have to much trouble though if everything is setup correctly
M