This should work with most printers that are supported by CUPS/Gimp or can emulate PCL. I have done it with a Canon i560 and an HP LJ 1300 (the cheap model without the HP print server). I used a Netgear PS101 print server which plugs into the parallel port on both printers. I connected its ethernet port to a Netgear MA814 gateway (this is cheaper than a dedicated WLAN access point and has four ethernet ports for other stuff - see below!).
I set up all devices with manual IP numbers and disabled DHCP on the network (didn't have to, but saves hassles). I used IP printing on my Airport Macs, a Netgear MA111 WLAN USB (dirt cheap) on a Windows PC and plugged in another PC's ethernet into the MA814. All computers now print happily to a network printer and can share files as well as an ADSL conncetion via an ethernet modem plugged into the MA814.
The whole setup is neat because the only wiring is around the printer desk - the office otherwise is virtually wireless! Client's WLAN laptops can quickly be configured - so they can use our printer while in the office. This whole WLAN stuff is absolutely fabulous!
Also refer to this hint's comments for more info.
Mac OS X Hints
http://hints.macworld.com/article.php?story=20040423214811623