Networking woes (file & printer sharing)

I'm not quite getting you. Are you saying that if the printer is connected to a machine, and I set that machine to share that printer, then the printer should be assigned its own IP address? How do I find that?
 

My Computer

Computer Manufacturer/Model Number
Compaq CQ50-215NR
OS
Windows 7
CPU
AMD Athlon Dual-Core QL-60 ~1.9GHz
Memory
3 GB
Graphics Card(s)
GeForce 8200M G
Monitor(s) Displays
Built-in LCD 1200x800
Hard Drives
160GB HDD
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