I presume from the question, you mean a dial-up modem as the second device ?

If you are expecting these to communicate over a pair of wires, modem-to-modem, then the answer is no.

The ADSL modem uses frequencies outside the human voice range (above 4KHz) amd the dial-up modem uses frequencies within the voice range (300Hz-3.2KHz) so it can be carried over the telephone network, and not require any special hardware in the exchange.

The D-Link is a good device, at a very good price, and I have deployed many of them myself, but their function is a bit limited, so I doubt you could even use it's router capabilities, with the dial-up modem. So even the second possibility is almost certainly a no.

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