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Yes, it is. Your carrier must support data calls, though, even if you don't use the carrier's own internet service. I use the DLR-3P serial cable with a Nokia 6120i TDMA, and I also use IrDA with a Nokia 3320 TDMA, and I am able to dial and connect to my ISP or to a 56k modem at home.
Check with AT&T, and also make sure your phone/cable combo supports CSPD (Circuit Switched Packet Data) calls.
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