While doing more research. I found the following instructions. Wondering if this is correct for Win 7 printer sharing for a home. Plese advise if this is correct.
Allowing Other PCs To Print From Your Already Set Up Printer
This could, quite possibly, be one of the easiest things to do that could make you seem like such a techie to all of your unknowing friends.
Step 1 - On the computer that you have the printer already hooked up to, right click on the printer that you want others to be able to print on (which you can find in Start/Settings/Printers and Faxes/Your Printer), and select Sharing… from the dropdown that appears.
Step 2 - This will bring you to the Sharing tab within the printer's properties menu (alternatively, you could have selected Properties from the right click dropdown and then selected the Sharing tab yourself). Within this tab you will see two options - Do not share this printer (which should currently be selected), and Share this printer (which is what you want to select now). When you click Share this printer, you will have the ability to create a shared name - the default is the current printer name. Once you have a name for your printer, click ok.
Step 3 - On the computer that is not hooked up to the printer, go into the printer menu (Start/Settings/Printers and Faxes) and click Add A Printer
Step 4 - Within the Add Printer Wizard, select the option A network printer, or a printer attached to another computer. Here you will have three options: Find a printer in the directory, Connect to this printer (or to browse for a printer, select this option and click Next):, and Connect to a printer on the Internet or on a home or office network. You want select Option 2.
Step 5 - You should see your printer on this list. If you don't, go back and make sure that you properly shared your printer in steps 1 and 2, and that your computer that you are currently using is actually connected to your home network. Double-click on your printer and print a test page - you should be able to use this printer now.