Looks like an interference "Schwebung" or "beat".
http://en.wikipedia.org/wiki/Beat_(acoustics)
I had that, when I had 2 modems attached,
like e.g. the built-in Laptop modem and an external modem.
It took me a couple weeks to find out.
You have to make sure, only one modem is attached and switched on.
And then switch off the built-in Laptop modem.