hyperterminal does work for a basic test - how are you using it ?
- check/test your loop back cable/plug again
- or take a known working serial cable plug in one end and short out the recieve and transmit pins on the other (paperclip works) do a google to find pin outs or if it is a rs232-db9 i have attached an image
when you open hyperterminal with the pins shorted (or with loop back plug installed) you should be able to see whatever you type in the terminal session, remove the short and you don't
the obvious - if it does not work check your bios setup i have seen some new computers with com ports set to disabled out the box, for older os's and hardware check for conflicts with irqs
or there may be a fault with the motherboard/serial port......
let me know if any probs