Serial Splitter software version 5.0.125 allows users to split one serial port into multiple virtual ports, enabling the sharing of a single device among multiple applications. It also supports the creation of complex bundles of virtual serial ports, allowing for more flexibility in application usage. The software includes advanced options for port settings, such as baud rate and parity, and offers the ability to redirect data from one virtual port to another. Debugging and logging features are also included to aid in troubleshooting.