You probably just have to set printer and file sharing to work in the Network and Sharing Center since it hasn't been configured yet.
Click on change advanced sharing settings on the host machine.
My Computer
Computer Manufacturer/Model Number
self built
OS
7600.20510 x86
CPU
P4 550 3.4 GHz HT running at 3.5 GHz
Motherboard
MSI PM8M3-V (MS-7211 v1.x) Micro-ATX mainboard
Memory
OCZ 2 GB(2x1GB) DDR400mHz running @ 414 mHz
Graphics Card(s)
HIS Radeon HD 3850 IceQ 3 Turbo HDMI Dual DL-DVI AGP
Sound Card
MOTU Traveler firewire studio interface 192 kHz 24 bit
Monitor(s) Displays
22" widescreen Acer X223W LCD, 17" Compaq P75 CRT
Screen Resolution
1680x1050 and 1280x1024
Hard Drives
SATA I x2 WD, 400 GB and 120 GB, SATA 2 WD Caviar Black 1 TB
PSU
350W generic
Case
Cybertronpc, it glows blue
Cooling
stock cpu fan, Ice-Q 3 gpu and system, many case fans
Keyboard
Logitch Classical Keyboard 200
Mouse
Logitech Mediaplay cordless
Internet Speed
1792/448 kbits/sec
Other Info
SATA II PCI fake RAID adapter, 1 GB Readyboost, original ATI Remote Wonder (even works with WMC perfectly), Logitech Rumblepad 2 game controller x2
That looks good. What you want to do is make sure that passwords are set for every account in use. With no password, that = no sharing. You can also go to Devices and Printers section of the control panel (when viewing large or small icons.)
Then you can right click on the printer. I don't have one installed right now so I'm going by memory here. There should be a tab to set it to be able to share. Something like advanced tab or sharing tab. Something along those lines.
My Computer
Computer Manufacturer/Model Number
self built
OS
7600.20510 x86
CPU
P4 550 3.4 GHz HT running at 3.5 GHz
Motherboard
MSI PM8M3-V (MS-7211 v1.x) Micro-ATX mainboard
Memory
OCZ 2 GB(2x1GB) DDR400mHz running @ 414 mHz
Graphics Card(s)
HIS Radeon HD 3850 IceQ 3 Turbo HDMI Dual DL-DVI AGP
Sound Card
MOTU Traveler firewire studio interface 192 kHz 24 bit
Monitor(s) Displays
22" widescreen Acer X223W LCD, 17" Compaq P75 CRT
Screen Resolution
1680x1050 and 1280x1024
Hard Drives
SATA I x2 WD, 400 GB and 120 GB, SATA 2 WD Caviar Black 1 TB
PSU
350W generic
Case
Cybertronpc, it glows blue
Cooling
stock cpu fan, Ice-Q 3 gpu and system, many case fans
Keyboard
Logitch Classical Keyboard 200
Mouse
Logitech Mediaplay cordless
Internet Speed
1792/448 kbits/sec
Other Info
SATA II PCI fake RAID adapter, 1 GB Readyboost, original ATI Remote Wonder (even works with WMC perfectly), Logitech Rumblepad 2 game controller x2