Host should be the desktop PC and Guest the laptop. You may want to print
this.
Install the printer on the Host PC. Then using Control Panel>Network
Setup Wizard, enable File & Printer Sharing and make sure you check the
box to allow others to print to your printers. Next under Start>Settings>
Printers, select the printer, check the box to share the printer and assign
a name. Keep the name short, no blanks, something like Printer2.
You should now be able to add the printer to your Guest PCs using Start>
Control Panel>Printers & Faxes>Add Printer. Check the radio button
"A network printer ..." and then either browse for the printer or enter its
name (using \\PCName\PrinterName) and continue until finished. Ensure
that the firewall on your PC is set to allow access to remote printers.
Note: Make sure to include the slashes (\\) in printer name.
If using Vista's native firewall ensure that File and Printer Sharing is
enabled and that the box with he same name is checked in the Firewall
exceptions list. The PCName can be found at:
Rightclick My Computer icon on desktop>Properties>Computer Name tab.
It may look something like: "Home-66djksjcpv". Don't type the quotes.
Click "Next" and it should install the printer on the Guest PC when
it finds it.
Note: You can follow the same procedure to get access to
"Files" from one PC to the other.