I had this problem with a Compaq laptop I was trying to set up to use a printer on another computer, I ended up setting it up as a local printer - I went to Control Panel, Printers, Add Printer, choose add a local printer, clicked on create a new port, left default Local Port, clicked next, a box will come up type in \\yourcomputername\yourprintername, example \\HP\OfficeJet - I used the address that the previous networking wouldn't let me do, I installed Vista Drivers next by picking my printer from the list, left it as shared and printed a test page.
I would imagine if you don't have Vista supplied drivers for your printer you would have to run the install CD on to be able to do this and maybe the local port information can be added then. The laptop was the only Vista machine I had to do this with an Acer Vista desktop was able to be done the right way using network printer but it couldn't find it so I had to type in the address to connect.
Hope this helps,
Northlite