Windows 7 (64bit) trying to use a shared USB printed hosted by Windows XP. Windows 7 add printer can browse to printer BUT gets an error:

Operation could not be completed (error 0x000000709). Double check the printer name and make sure that the printer is connected to the network.

Go to the command prompt and type
Net Use LPT1: \\xppc\printersharedName    (the printer path on the network)

Then add the printer as a local LPT1 printer just as you would a standard printer