Yes, it is possible.
First, you have to enable File and Printer sharing on both pcs:
Go to Control Panel - Network Connections, right-click on the connection being used (presumably Local Area Connection for the desktop, Wireless network connection for the laptop) and click Properties. Tick the box for File and Printer Sharing for microsoft Networks. OK out.
Next, you have to set the printer for sharing:
On the desktop, go to Control Panel - Printers and Faxes. Right-click on the printer icon and click Sharing. Click on the Share this printer button. Click OK
The printer should now appear in My Network Places on the laptop.