The VipRiser has the same basic functionality as the CUPS-PDF (described in this earlier hint) printing package has, but it is more user friendly and easier to install. You can download the installer here.
Once installed, there's both an application (named VipRiser) and a print driver. You need to create the virtual printer in System Preferences » Print & Fax before using it the first time. Just hit the plus sign and add it. The installer walks you through this. The new printer is named 'Print to VipRiser' and once installed, you just select it like any other printer. The VipRiser application has to be running or the virtual printer will be paused, so you may want to put the application in your Login items.
The VipRiser has some fancy features such as sync with your iPad or DropBox, but you don't have to use them at all. The trick is to select regular folder instead of the DropBox one, where all output files will be stored. You can also use AppleScript or Automator workflows as plugins to do any custom processing. (e.g. upload files to a server).
[crarko adds: I tested this on 10.6.4, and it works as described. I needed to reboot to get it to print after installation, but thereafter it was good. I used both the Dropbox and iPad (also iPhone) destinations. I've mirrored the download here, but check the original source in case there are updates.]
Mac OS X Hints
http://hints.macworld.com/article.php?story=201009220739460