Windows 7: Network Printer Installation Troubles

I have a network printer connected to my network, it is a Lexmark x4850. To make changes to this printer's settings (ip addressing, etc...) it has to be installed on a local machine first, in this case it is installed on my home server (running Windows Server 2008). I just recently did a clean install on my server since I upgraded to Windows Server 2008. The install on the server went perfectly, and I assigned the printer a static address of 10.10.23.4.

I then went on my laptop and tried to add the printer as a network printer. It does not find the printer, so I select "The printer that I want isn't listed" and then I go to the "Add a printer using a TCP/IP address or hostname" option and type in 10.10.23.4 in the "Hostname or IP address" field and click next. After going through a few steps involving drivers it gets to the loading bar and after a few seconds it says "Installing printer drivers..." and there it remains until I force it to close because it stops responding.

For some reason it will not let me install the printer as a network printer, however if I share the printer off of the server and add it that way it installs properly, but I need to have it as non-shared network printer (school project). I'm a first time poster and I hope I got everything that is required, if I didn't please feel free to ask!

I appreciate any help!
Goblin