You're really better off putting a networking adapter into one of the cardbus slots, their cheap on ebay. But I know projects like these are for the fun of it more often than the practicality so here goes...
If this really is from the late 80's your in bad shape. The oldest laptops I've ever handled were mid 90's and would barely be capable to do anything worthwhile through a network.
I've run networking over phone line before, but it uses special adapters on either end. I would assume that if you could emulate something your connection speed would be limited to 56k (probably 28.8 or 14.4 on an older laptop).
If a USB ethernet or wireless adapter is an option, just use that, if not you could try a serial "null-modem" connection between two computers and share the data that way.
If you're just trying to get this computer on the network for print sharing, network shares, ect,... you could dial-out and then use VPN to create a virtual network, but that would tie up a phone line and leave you with the limited speed.
OlyComputers
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