How to Print from Windows 7 to a Shared XP Printer

assume the computers are call XPMACHINE and W7MACHINE

Ensure Printer on XP machine is shared - assume it's called SHAREDPRINTER.
On the Network Browsing on your Windows 7 machine ensure you can "See" the Printer share.
- Now on the Windows 7 machine do the following (doesn't matter if it's X-86 or x-64).
Control Panel==> add LOCAL (Yes LOCAL) printer. I know it's on a Network but hold your horses -- what we are actually doing is "Poodlefaking" the Windows 7 machine into thinking it's running the printer.
Create NEW port==>Local port
Portname is \\XPMACHINE\SHAREDPRINTER
Now Windows 7 will load a driver and you'll be able to print on the XP machine.

NOTE:

(For a "Network stand alone printer") at 4) chose TCPIP port

and at 5) enter the IP address.

If the printer is on the Windows 7 machine and you want to print on the XP machine then do the same instructions on the XP machine --

port name in this case will be \\W7MACHINE\SHAREDPRINTER

Referencing

Windows 7 Forums - Retrieved on 3rd September 2010