If you want to send commands to your pc using serial port, you must have a transmiter of RS232.
You can´t send a simply square wave and seeing in hyper terminal "1 0 1 0". These kind of communications have a Start bits, Data bits, Stop bits , parity ,etc. If you don´t send these bits to the serial port, the uart of your pc will ignore every wave you send it. And if you could emulate the start of communication, the data bits are limitated to the cfg of the uart.
So, if you want to make a serial communication and you don´t have an rs232 transmitter you can interconnect two pc´s with a null modem cable, open the hyper terminal in both pc, setup both with the same parameters, and send caracters from one to the other.
I have some documetation of serial communication & rs232, but they are in spanish version. If you want it, let me know.
Best R.
Guille