Would someone be able to tell me how to initialize the serial port on the C515C so that when I send a printf statement I'll be able to read it on HyperTerminal. It could be that I have not set up the baud rate, stop bit, and flow control on the HyperTerminal so any comments on this would be appreciated
You'll need to initialize the timer to generate the correct baud rate. You also need to decide if you will use interrupts. Refer to the 8051 manual for the former. You can poll on the RI or TI flags to do output w/o interrupts. Search the archives of Usenet comp.arch.embedded or go to http://www.8051.com for sample code.