didn’t have much luck with multiple baud rates and modulations on minimodem, no discernible ascii, but someone might have more luck looking at the binary output
It wouldn't be encoded in a modem protocol. If that's indeed binary data, then most likely we're hearing binary data interpreted as being PCM wave data.
> shared it with a few people who Know Telephone before I posted it here, and their theory is that what we're hearing at the end is the audio path going open-circuit when the PC crashed.
It probably blue-screened, and we're hearing the EM interference from the CPU or I/O controller hub as Windows writes a minidump, then begins waiting for a debugger to attach (the blerps at the end being scans for connected serial port, PCI, network or 1394 debug hardware)