Well in general you can not speed up downloading any file, as you can do with some download accelerator. But of course if the '.torrent' is available you can. Lets get it how.
The P2P(generally Gnutella kinda thing) works as following:
The p2p is purely a distributed file sharing network. They do not have a central sever. You have a p2p client, and you install on your computer. Most of the time this client is aware or other (at least one) p2p client, or there are ways to find, you can also manually give ip of other p2p client if you are aware of. All p2p users put the files they want to share and when you give a search for a file (mostly a audio, video or program or documents) it send the request to the known p2p client, if that client has that file it responses and also forwards the query to another clients and your query reaches up to a large number of the same p2p users. If multiple sources of the file are found then it can be downloaded in fragments simultaneously hence speeding up. But this has a problem, it does not ensures that you will be getting the whole file your want, you might get only fragments(the probability of happening this is less, but not 0). This does not happens with Bit Torrent.
BitTorrent is a protocol and also a p2p client. It differs from other p2p slightly as it has a central server known as 'Tracker' thats keeps tracks or Torrent file. Bit Torrent is mainly for downloading big files(very popular for Linux distros). Bit Torrent breaks a file in to small fragments. Here peers download fragments missing with then and upload fragments they have. Bit Torrent need at least one complete copy of file(which is not necessary with other p2p). So if you down load from Bit Torrent you will definitely get the whole file. Also the more you upload to Bit torrent the faster you will be able to download. This is because your ranking will be higher as you are contributing to Bit Torrent. Its kind of the more you give the faster you get. For download from Bit Torrent you need to find a '.torrent' file, if you get it you can ask you Bit Torrent client software to get it downloaded.
I hope it clears few things. Well I am not much aware of V.34 modem, what all you need is a higher bandwidth, any thing above 128kbps will work fine.
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