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Yes.

Brent Mosbrook (brentm@zyxel.com) [ZyXEL USA] writes:
"If you have the ISDN module, you can still do V.34 links.  The ISDN 
module allows you to simulate an analog line, so you can still connect to 
any other V.34 modem that has a POTS line.

IF you want to plug the ISDN-interface equipped modem into a real POTS 
line, then you would have to open the modem, remove the ISDN module, and 
replace it with the analog module.  This is probably only an issue for 
folks who take their modems with them on trips and such.. The whole point 
of the ISDN module is to give you the flexibility to connect to EITHER 
type of remote device."