sniff the output to a hardware com port from one application for input to another application on the same computer running at the same time

Question

I am using a packaged application that outputs to a com port (hardware port only not a virtual port) and I want to run another application, that I have written in VB.net 2005, at the same time on the same computer that can read the output from the first application and use that information to display on a screen. I have written the code and it will work reading a virtual port. Maybe the solution is to somehow redirect the real port to a Virtual port, but how.
I realise that I am asking for code for a sniffer but if that is not available then is there a way to tell windows to output anything that goes to a hardware com port to a Disc file which I could then read.
Concept of the above is simple but the "How to do" I have not been able to find.
If anyone could help I would appreciate it