If you have a USB attached printer to say machine A.
Your printer on another machine (say machine A) would simply be a shared printer to machines B,C,D etc.
Define printer on machine a as shared with a name Sharedprinter.
then on Machines B. C, D, etc add LOCAL printers as \\machineA.Sharedprinter
(add as LOCAL not network. - I've got an old thread here somewhere on sharing printers between Windows 7 and XP (both ways around) which will tell you exactly how to do this.
Post nr 5 (by me) in this thread. It's called XP to Windows 7 but it's valid for any printer sharing.
There's also an explanation of how to do it if your printer is on the network as a static IP address too. (I.e on the router and NOT connected to any computer - note though for a printer you'll have to get the router to assign it a STATIC IP address -- don't assign the address via DHCP). XP to 7 Printer sharing