Windows 7 and 2008 R2 both have a weird problem when sharing printers. I found this out when trying to share a generic/text only printer. At first I thought it was invalid characters in the printers name or the spaces I used, but thanks to an article by Tomas, I got it working. Here's how:
1. Runas /u:administrator net start "windows firewall" (you'll have to know the local admin password)
2. Share your printer
3. Runas /u:administrator net stop "windows firewall"
Leave a comment if this doesn't work for you.