If it says V.92 - No, PhoneTray might be unable to work with your modem. If V.92 support wasn't detected please try to install the latest driver for your modem. Most modems support V.92 with the latest driver. You can find the newest drivers at modem manufacturer's website. If your modem was bundled with the PC please try PC manufacturer's web site.
If you modem is not V.92 compatible, perhaps you may need to change a modem. Now most of the modems are V.92 compatible and it is cheap and easy to find one.