I am having the same Problem here.
Ubuntu 7.10 AMD64 as the host (VM Ware Server 1.04) and Win XP Pro SP2 as a guest - connected /dev/ttyS1 - /dev/ttyS3 from a 6 port serial Card to the guest. Win Hardware Manager finds 3 Com Ports - but only Com 1 and Com 2 are working. This only after configuring Clients Bios Settings to fixed values (3f8 Irq4 and 2f8 irq3) instead of "auto". Just tested this out with an Null Modem Cable connected to /dev/ttyS5 using minicom on Host Side and Hyperterminal on XP side.
Anyout out there with a guess how to make the third port working?