How long did you wait for the print job to work? I've noticed another thread that was taking a long time to print to a network printer. And I too am having somewhat of a similar issue...
Also, did you follow these instrcutions?
Setting Up a Network Printer
You can install a network printer directly into a guest OS.
Before installing a network printer in a guest OS, make sure that:
Networking in the primary and guest OSs is configured.
In the Network Adapter pane of the Virtual Machine Configuration dialog, the Enabled and Connected options are selected.
The user account in the guest OS from which you will setup the printer has permissions to access the network printer.
You know the printer's IP address.
After that, you can log into your guest OS and install a network printer.
In a Windows Guest Operating System
Before adding a network printer to Windows, download and install an appropriate printer driver.
To add a network printer in Windows XP:
In Windows, choose Control Panel from the Start menu.
Choose Add Printer from the File menu or click Add a printer in the sidebar.
In the Add Printer wizard click Next.
Select the Local printer attached to this computer option and disable Automatically detect and install my Plug and Play printer.
Select Create a new port and and specify Standard TCP/IP port as the port type.
Click Next.
In the Add Standard TCP/IP Printer Port wizard, type the printer's IP address. The port name will be configured automatically.
If prompted to specify additional port information, choose Standard and select Generic Network Card from the list.
In the next window, click Finish.
In the Install Printer Software wizard, specify the manufacturer of the driver and select the model of the network printer.
If the required printer model is not listed, click the Have Disk button and specify the path to the .inf file in the driver installation folder.
When finished, click Next.
Follow the wizard's instructions to complete the installation.
To add a network printer in Windows Vista:
In Windows, choose Control Panel from the Start menu.
Click Printers.
Click Add a printer in the upper part of the window.
Choose the Add a Local Printer option.
In the next window, select Create a new port and specify Standard TCP/IP Port as the port type.
In the next window, specify the printer's IP address and click Next.
If prompted to specify additional port information, choose Standard and select Generic Network Card from the list.
In the next window, click Finish.
In the Install Printer Software wizard, specify the manufacturer of the driver and select the model of the network printer.
If the required printer model is not listed, click the Have Disk button and specify the path to the .inf file in the driver installation folder.
When finished, click Next.
Follow the wizard's instructions to complete the installation.
I'd also try adding another printer, based on the instructions above and try to print a test page. That seemed to help me...
