It's theoretically possible with suitable software but I don't know of any.
You will not achieve 56K in a modem to modem link, the fastest you might reach is 9600 bauds. It is more likely you will only manage 2400 bauds. Above 2400 requires special equipment at the telco switching point and the link becomes asymetrical (hence the 'A' in ADSL), up to that speed it is possible for the link negotiation (the burbling noise before the modems connect) to be made directly between end to end points of the call.
You can use modem to modem at higher speed if you connect them directly without the telephone line between them. In that case you need an attenuator to drop the levels between them, otherwise links one directly to the other. The drawback to that method is there is no ring detection so the modem has to be on-line all the time. It was used quite a lot in the pre-internet days using HST modulation.
Brian.