Programming PICAXE with an Diecimila Board

I am interested in getting into PICAXE programming. The USB programming cable from SparkFun (PICAXE USB Programming Cable - PGM-08312 - SparkFun Electronics) seems to just be a FT232R USB/serial adapter, similar to the one in the built into the Arduino, with a USB cable on one end and a 3 pin 3.5mm audio jack on the other end (TX,RX,GND).

I remember reading somewhere how the Arduino board can be used as a USB/serial adapter through the FT232R with the ATMega168 chip removed. Is this possible? Also, would my computer recognize this as a COM port like the USB programming cable?

Thanks.

It would be a fun project if you have an extra Arduino setting around but in my opinion not worth the time and possible damage pulling the chip every time you want to program the picaxe. If you have a serial port you could use a max232 or just buy a usb to ttl serial cable and you could use it for many projects like the Sanguino and others.

I agree with Franklin. Geet a 'standalone' USB serial module. I have only recently started with a RS-232 serial Arduino clone and I've had Picaxe modules for a couple of years. I recently purchased this little jewel so as to have a very general purpose USB serial capability for whatever I might be working on. This guy has all the inputs and output needed for any application and can interface with any voltage level required.