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Both the Host and Guest O/S's are Windows XP Professional. I installed the driver for a Seiko KPU-S347 thermal printer both on the Host and Guest and am able to print w/o any problems from the Host but when running a "Print Test" from the Guest I get a bogus print error ("paper low") after approx. 30 seconds.
I then went to the command prompt (in Guest) and ran the "ECHO HELLO" print test but no luck. (I'm running VBox 2.2.2)
Thanks in advance.

And how is the printer added in the VM? Using USB? Shared on the network? With the latter, what network settings? Give more info, as per Forum Posting Guide.

Sorry about that, the physical interface between the PC and the printer is a DB-25 Male to Centronics 36 Male Parallel Printer Cable (IEEE 1284 Bi-directional).

So you have it attached through the parallel interface, anything else you want to spill?

Under properties the settings are set up as follows:
Sharing: Remote access disabled / Port: LPT1, "Enable bi-directional support" checked / Advanced: Always available, Spool print documents, Start printing immediately, Print spooled documents first, Enable advanced printing features.
The printer was installed through Control Panel - Printers and Faxes - add printer and is set up as a local printer.
Thanks again for you assistance.

You are missing the point. What have you done or how are you trying to access the HOST printer from the guest? Just installing drivers and proprietary software in the guest will not make it print. Have you setup a network printer connection to the host from the guest or exactly how are you connecting to it?