re:Plz Help - Printer Sharing on XP/Vista Network
I had the same problem and here's what I did to fix it:
Go to Control Panel. Choose printer. Then choose Add Printer.
Choose Add a local printer. Click on Create a new port. The default in the drop down box is Local Port. Do not change that. Click Next.
A dialogue box will appear asking for you to enter a port name. Type in the \\computer name\printer name ie. My computer's name is basement and the printer name is EpsonSty so I typed in \\basement\epsonsty
Yahoo! It worked. Go figure! I guess Microsoft thinks printers on a intranet are local.
I hope this helps, I scoured many forums b4 finding this fix. Microsoft's support docs and HP's tech support were no help.