Ahh yes. Sometimes i wonder why i still bother, but more from the adventures of running Windows on Mac hardware.
Recently installed Windows 7 64bit, runs sweeeet. Then loaded up my Windows 7 partition from inside OSX via VMWare Fusion, also sweet. However after booting back into Windows 7 all printers where missing, print spooler dead and the above error received..
the fix is to kill on of the changes that VMWare makes to your registry. Kill the below entry, reboot and all is good.
[HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Control\Print\Monitors\ThinPrint Print Port Monitor for VMWare]
