I suspect you are not root. Do an:
$ ls -l /dev/ttyS2
Who owns the device, what group is assigned to it and what are the permissions? Probably yours looks like this:
crw-rw---- 1 root uucp 4, 66 Aug 30 18:31 /dev/ttyS2
The above says that "root" owns the file and root has read/write access. It also says that any user in the "uucp" group has read/write access, no one else can touch it. If you want your userid to be able to access it do this as root:
# chmod a+rw /dev/ttyS2
Now, is your modem *really* on ttyS2 (COM3)? Remember ttyS0 is equivelant to COM1.