The following worked for me when trying to add a printer, the print spooler starting then stopping after a few seconds (Win2K, sp4, hp printer):
ERROR: "printer operation cannot continue due to lack of resources. The print subsystem is unavailable"
HOW I SOLVED THE ISSUE:
Step 1: IMPORTANT: Back up your registry, just in case.
Step 2: Clean printer drivers using the following link:
http://members.shaw.ca/bsanders/CleanPrinterDrivers.htm
WARNING: Be very careful using regedit - if you delete the wrong things, you may render your computer inoperative! If you are not confident, use the cleanspl.exe Resource Kit.
Step 3: Download Microsoft Hotfix 820550:
http://support.microsoft.com/kb/820550
WARNING: Back up your system before you download (registry etc.), just in case.
Step 4: Plug in your printer and reinstall the software, you should be able to print a test page and it should work!
I hope this is helpful to someone!