I am assuming you are using Windows XP:
Set-up the printer on the laptop using whatever means you need to.
Either connect and follow the instructions (if you plug-n-play).
Or connect and:
'Start' - 'Settings' - 'Printers and Faxes' - Add new printer.
One of the stages of the printer set-up is the share screen - please see first attachment. Give it a name and complete the installation.
Now the printer should show in the 'Printers and Faxes' screen looking simillar to the second attachment.
The laptop should be set as host enabling shared resources.
When you 'log-on' to the laptop from your PC this resource should be visible to the PC.
Now, word of advice, I only ever did this over a large network. I am assuming it works very simillarly in a small network.
Try and see.....