Hi Larry,
Judging by your folder structure your server may be on cPanel hosting software - is that right? If so, in my experience you can omit the "/usr/bin/perl " part of the command and set it up as described in the help here (http://www.listmailpro.com/help/cgi_cpanel.html).
Is the pop account, bounce@hypnoticworks.com required?
You should remove this mailbox as if the mailbox exists the forwarder will not be triggered correctly. The forwarder should be all that is needed to send messages to the script.
Set the URL in bounce.cgi and upload it to the desired folder. I recommend installing to public_html/cgi-bin. Set the permissions to executable (755).
If you still can't get a success message out of the "Test Mail Settings" feature there is a script you can copy, upload and run to check the permissions on common web-page-grabbing system tools:
<?phpecho "<h1>shell_exec</h1>";echo shell_exec('cat /etc/*rele*').'<br>';echo shell_exec('ls -al /usr/bin/wget*').'<br>';echo shell_exec('ls -al /usr/bin/curl').'<br>';echo shell_exec('ls -al /usr/bin/GET').'<br>';echo shell_exec('ls -al /usr/bin/lynx').'<br>';echo shell_exec('ls -al /usr/bin/fetch').'<br>';echo shell_exec('whoami').'<br>';echo shell_exec('groups').'<br>';echo shell_exec('/usr/bin/wget').'<br>';?>
Regards