Ok, as far as I know..
If that's a Voyager 105 modem you got there, then yes, the router will replace it (I have the same setup of AOL Silver). However having said that, I still haven't been able to get my router working, it's a bugger to set up with AOL for some reason (Netgear DG834). Not sure about that modem, but I was told that the DG834 *would* work with AOL Silver (have to be careful to make sure it'll be compatible).