Connect Windows 7 to a shared printer on XP

Share a Printer from XP to Windows 7
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Step 4: Next choose Add a local printer. Yes, that sounds counter-intuitive, but this is what you have to do!
Step 5: Next, click Create a new port and choose Local port from the list of options.
Step 6:  Click Next and in the Port name box, type in the path to the shared printer. It should be something like \\Aseem\HPXP, where Aseem is the name of your XP machine and HPXP is the shared name of the printer.
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Note to self:
Steps above also have additional advantage:
Printer will be visible to another local users
...Explanation from How do I install a network printer for all users on a windows 7 computer?
...When you add a printer as a local printer all user can view it.
The procedure can also be used when you want to connect a Windows 8 computer to a shared printer on
...Windows 2003 host

Related
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Connect XP to Windows 10' shared printer

Note to self:

1. add local port

2. add new printer but select port from step 1 when asked

Install shared printer always stuck at "Checking Windows Update. This might take a while …….." :
Install driver on client prior to add printer

Two things to check when RE-creating shared printer so you don't need to RE-configure clients:
....printer name AND share name
....can be obtained from a client computer by navigating to its registry entry:
....HKLM\Software\Microsoft\Windows NT\CurrentVersion\Print\Providers\
....LanMan Print Services\Servers\(host name)\Printers\(printer name)
...."Share Name"

Connect Windows 8 to shared USB printer on Windows 2003:
...sometimes failed to connect (printer status: offline)
...Error 0x00000002 when trying to re-create printer
...solution: restart Spooler

Share USB device over network
[Paid] USB over Network
[Paid] FlexiHub
[Paid] USB Network Gate