I need to know what the voltages are coming out of the TTL Converter.
I'm attempting to figure it out with the Nano, but I really don't have a clue what I'm doing. 
I'm using HyperTerminal to send data to a piece of hardware that is particular to the voltage levels.
How can I set up a makeshift o-scope? I've seen various Arduino Oscilloscopes but none of them were detailed enough for me to get them to work.
Any help is appreciated.
TTL levels are 5V, usually. As that is a red board, I'm going to guess that you got it (directly or indirectly) from Sparkfun. They usually publish detailed specs on all their products. Have you looked at the sparkfun site for that product and read the materials there?
I got it off eBay.
The CP2102 Data Sheet shows that the output is 3.3v.
Page 14 / Section 8. Power Regulator / Table 10.
After some discussion on another forum, I also need to know what sort of waveform it produces as well, thus my need to create some form of o'scope to visualize the output.
Thanks for your input.
Note: Link corrected.
You posted a bad link.
The CP2102 Data Sheet shows that the output is 3.3v.
I think you miss read it, try again.
I also need to know what sort of waveform it produces as well,
It is bog standard TTL communications code, no need to look at it.
Are you on a Mac? If so note that the auto reset function will not work with this chip / mac driver.
Corrected the link, and I'm using Windows 7 (Intel PC).
Can you provide a link to the "bog standard" that explains in detail why the waveform doesn't matter?
Can you provide a link to the "bog standard"
that explains in detail why the waveform doesn't matter?
Hard to find a link that says why you have no need to look at it but what do you expect to see by looking at it?
Corrected the link,
Well a link that involves you creating an account to just look at it is worst than useless.
Corrected the link,
Well a link that involves you creating an account to just look at it is worst than useless.
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The link is a Google link, no account required.
The link is a Google link, no account required.
It is a link to google Docs, it is inviting me to type in my password. I do not have a google docs account nor do I want one.