If you're running WinXP, Vista, or 7, you can go into Printers on the machine with the Virtual printer (just like with a real printer), right-click it, go to Properites (or Sharing if you see it directly in the list), and enable sharing for that printer, give it a name if you wish.
Just make sure that file/print sharing is set up on that PC, and that both/all connected PCs are on the same domain or workgroup.
Restart the other PC(s), and if you set the network settings correctly (and you don't have a 3rd party firewall on the first machine to configure), then it should work. Of course, if network file/print sharing was not turned on before... or if you had to change the domain or workgroup name, then you would also have needed to reboot the first machine as well.