The Deal is this: Apple wrote System 7.5.2 and tested it until the were green in the face. If they had done it until they were blue in the face, maybe it wouldn't have stunk. But they didn't, and it does. Essentially, the version of Open Transport (a.k.a. the TCP/IP control panel) version 1.0.8 (or even earlier), is incapable of establishing a PPP connection.
"No problem," you say. "I'll just load the MacTCP instead. I know that it can establish one."
Correct as far as it goes. However, in yet another display of marketing brilliance, the MacTCP, while it does ship with 7.5.2, ships in such a way that it's inaccessible.
So, ideally, you upgrade to 7.5.3, which is available, almost free of charge, just by calling 1-800-293-6617, extension 984, and asking for it, or going to your local Mac dealer.
Alternatively, you can do the following:
That should take care of it. However, you may want to double-check and make sure that the settings in the MacTCP are correct.