Hi,
Thank you for contacting Microsoft Community.
This error can also occur if the specific printer's share on the print server becomes corrupted.
You may try these steps and check the status.
Click Start, click Settings, and then click Printers.
Right-click the problem printer, and then click Sharing.
Write down the share name of the printer.
Stop sharing this printer by clicking the Not Shared radio button, and then close the printer folder.
Open Control Panel, double-click Services, select the Spooler Service, click Stop, and then click Start.
After the Spooler Service restarts, open the printer folder and re-create the printer share using the share name found in step 3. Do this by clicking Start, clicking Settings, and then clicking Printers. Right-click the problem printer, and then click Sharing.
Also see:
http://windows.microsoft.com/en-us/windows/file-printer-sharing-faq#1TC=windows-7
http://windows.microsoft.com/en-us/windows/share-printer#1TC=windows-7
Hope this helps.