Well, I moved the printer and plugged it to my XP machine: definitely working.
Windows XP Home SP1 with all available Critical Updates, German.
Check your settings for parallel port: for me its set on ECP, with a IO/address, an IRQ and a DMA channel. Default setting didn't work for me.
How to change it on your USB cable? Don't know, maybe windows or oem driver let you do it.
Just for information: what do you do with your "old" machine? If ts not too noisy, you might consider use it as a server (print, file, router or what ever).