When reformatting the Hard Drive is there any security risk from having the DSL modem on or for DialUp having the phone cord connected to the phoneline jack, now I wouldnt believe so and would think that it shouldnt matter regardless if they were on and or connected or not since they should be inoperative at that time, but just thought it best to at least ask?

If you are going to reinstall Windows after reformat, it is always prudent to first disconnect telephone & modem cables from the computer - along with every external peripherals. Once you have reinstalled Windows and you have the firewall up and running, reconnect the cables and head straight to Windows update site. i_Xp/VistaUser

Doesn't matter during a format if these are connected. However if you're installing Windows, it matters. "connected or not since they should be inoperative at that time," Not necessarily. The dial-up will of course only be used if you're attempting to connect to the net, but if the device drivers load for the NIC, you will have connectivity immediately if it's connected to a cable/DSL modem. "So won’t you give this man his wings What a shame To have to beg you to see We’re not all the same What a shame" - Shinedown