I also was getting the parser error using vb v3.0.3 and Argosoft Mail Server Pro (v1.8.7.0). This fix did not work for me (in fact, it looks like it's designed for an earlier version of vB.)
I ultimately had to use full quotations around my smtpuser field for it to work. I was unable to use the $vbphrase[webmasteremail].
Code:
var $smtpHost = "mailserver.server.info";
var $smtpPort = 25;
var $smtpUser = "admin@site.com";
var $smtpPass = *****;
var $smtpSocket = null;
It's too bad this isn't supported by default - I'm super curious why it's not. Now my poor little board is hacked.
Thanks for whoever it was that finally led me in the right direction...