Serial ports can only be in use by one device at one time. You can get a switchbox that will allow you to not have to play with cables to switch devices, but there is no real-time sharing system. There are a variety of serial/parallel addin cards, or USB dongles. From an ease-of-use perspective, I have had poor luck getting my USB dongle to supply ports with sane com numbers (COM6 anyone?), while my 80's-vintage ISA card can happily supply those low com numbers that legacy apps have the best support for.