Originally Posted by Andy M.
is what Snopes actually said about this.
It has no impact on residential or cell phones at all. There is some vulnerability to commercial phone systems with a switchboard or where you have to dial "9" to gat an outside line.
It's well worth bookmarking the site that Andy has linked, for anyone who hasn't already done so.
Snopes is a great site and has de-bunked probably 98% of the scary chain emails I get from well-intended friends. Their research and explanations seem pretty thorough.