Dropping Network Connection In Sleep Mode

I am running OSX 10.3.4 and really want to know if there is any way to put my computer to sleep without dropping the network connection. My old 500 MHz iMac DV slot-loader is kinda loud at night but I'd really like to be able to keep it on and be able to sleep at the same time without losing the network. Also, is there a way to stop that incessant glowing orange light on the power button when it is in sleep mode? Thanks.

I don't use a dialup, so this is totally a guess.

Does it disconnect as soon as it goes to sleep or does it disconnect becaues it times out?

If it times out check the settings at
System Preferences/Network/PPP/PPP Options

There is a setting for "Disconnect if idle for "xxx" minutes." It allows 999 to be entered… if that works it should give you a good nights rest.

Turn it off! :-D
Just kidding...

When your Mac is in deep sleep mode, it just holds enough power to keep the RAM powered (for a faster restart and to keep it's contents) and, as you pointed out, to make the powerlight pulsate. Allthough this looks kinda cool in the beginning, it's annoying if your Mac is in your sleeping room.

The whole system is down in deep sleep mode...so unfortunately, no network connection.