Not with 'just' software.
The USB and Rs-232 protocols are different enough to require an interface converter.
The good news is that Black Box does offer 1.
'USB Director RS-232 (Single-Port)
Here?s a handy way to turn your USB port into a high-speed serial port.'
The bad news is that the way their web page is structured, I cannot provide a direct link.
http://www.blackbox.com/
From the main page, select products and follow along from there.
I am sure that there are other sources that would sell an interface converter for less.
Chas

The USB Dongle is a small device that plugs into a USB port on a host computer to provide an ID that is used in licensing the use of CodeWarrior software.

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HiChas,
Thanks for your answer.
I am aware of devices that plug into an USB port and then look like an RS232 port for a serial device.
My problem is that I have an application that will only accept a serial device, whilst I have an USB device, that I want to use with this application, hence the need for software to make the application think it is talking to a serial devic.e

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Before you just hack an answer you should look into the suggestion a little.
The device that was suggested is a usb to serial device.
To all hardware and software the dang thing is A SERIAL PORT.
You don't have to fool anything. You don't have to guess. It looks like, acts like, smells like, a serial port.
I have them in use where customers have upgraded the computer and refuse to upgrade the out devices.
Lee

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Unfortunately the software with USB -Serial converter only kicks in when the dongle is inserted in a USB port, giving a serial connector. Plugging a USB device in does not activate the software.

For those who possessed the eagle dongle attaching link to download the sw without the complication to register on the portal in the Chinese language.
A dongle emulator is a fake dongle that allows a person to use a specific software that normally wouldn't run without a dongle.
RequestCracks.com - Request a Crack, Dongle Emulator or Dongle Crack. Dongle Emulation Service for any software.
USB dongle emulation (non-standard) Sign in. For HASP and other know dongle methods there is an software emulator which creates a virtual version of the key.

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Free Dongle Software Download

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Free Dongle Emulator Software

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Eagle Dongle Software Emulator