USB Device Not Recognized

Hi,
I have a Canon Pixma MP500 multi-function printer. I have had it connected to my WindowsXP desktop for 3 years with no problems whatsoever. The other day, all of a sudden it stopped being recognized. It worked in the morning but when I turned the PC on later in the day it no longer was recognized. I get the system tray pop-up balloon that says "USB Device Not Recognized". The printer comes up offline. If I put it online, it gets an error when it tries to print. I have tried using a different printer/USB cable with the same result. I have tried plugging the printer into a different USB port, but the same thing happens. I know the USB port that the printer is connected to is good because I was able to plug my flash drives into the port and they worked fine. Also, I installed an old HP printer that I had and plugged it into the same port and it works fine. Is it possible that the printer went bad?

Thanks for any help you can provide.