Did you uninstall Microsoft Virtual Machine Additions before you Imported/Converted the Virtual PC7.0.3 Virtual Machine?
There are a few other ways to try setting up the printer to get it to work properly.
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Ascertain the IP Address of the Printer attached to the AirPort and then setup the printer in the following manner...
In the Windows XP Virtual Machine...
Click Start > Printers and Faxes
In Printers and Faxes click the File > Add Printer command
On the Add Printer Wizard dialog box click the "Next >" button.
Select the "Local printer attached to this computer" radio button and uncheck the "Automatically detect and install my Plug and Play printer" check box then click the "Next >" button.
Select the "Create a new port:" radio button then in the "Type of port:" list box select "Standard TCP/IP Port" then click the "Next >" button.
Click the "Next >" button.
In the "Printer Name or IP Address:" text box type the IP Address of the Printer and the "Port Name:" text box will populate automatically then click the "Next >" button.
Click the "Finish" button.
You should now be at the Install Printer Software segment of the Add Printer Wizard so select the Manufacture and Printer or use the "Have Disk..." button and follow through with the ensuing dialog boxes.
Your Printer should now be setup.
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If that way doesn't work try this...
Start the Bonjour Printer Wizard
On Welcome to the Bonjour Printer Wizard click the "Next >" button
On Browse for Bonjour Printers select the target Printer and click the "Next >" button
On Install Bonjour Printer click the "Have Disk..." button
In the Open dialog box navigate to where the Drivers are located on the CD or if you downloaded Drivers from HP where they were extracted to the Hard Drive and then follow through with the ensuing dialog boxes.
Your Printer should now be setup.
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If that way doesn't work try this...
Share the Printer in OS X and then in Window XP...
Click Start > My Network Places
In My Network Places click "View workgroup computers".
Double-click the Mac Computer whatever it's named.
If you don't see the target printer double-click "Printers and Faxes".
Right-click the target printer and select "Connect..."
Follow through with the ensuing dialog boxes selecting your Manufacture Make and Model only if there is a PostScript Driver for that Manufacture Make and Model and if not select the Apple Drivers previously mentioned.
Your Printer should now be setup.
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Hopefully one of these ways will allow you to properly print from Windows XP.