You have comp1 with the printer on it and comp2 that wants to use the printer connected to comp1
Set up printer in normal way for comp1, then click start, click printers and faxes highlight the newly instaklled printer, Right Click and then click on Sharing. Share the printer.
Now go to comp2, click start, click printers and faxes, click the "Add New Printer" Icon.
Make sure select "network" printer and not "Local" when you follow the instructions through you should be able to click on your workgroup name and see both comp1 & comp2 open up comp1 and you should be able to select the printer attached to comp1, just follow the rest of the wizard.