The library is slowly switching over from Windows XP computers to Windows 7 computers. This is great and the process has been fairly smooth. Except when it comes to installing printers. Our Windows XP computers have a 32-bit operating system; our Windows 7 computers have a 64-bit operating system*. I don't completely understand why but this difference causes some issues with the drivers.
The solution, once it was found, is actually very easy.
Devices and Printers -> Add a Printer -> Add a local printer
Create a new port -> Local Port -> Next
Here you want to type this: \\computername\printer but of course you will use your computer name (the computer that the printer is physically attached to, not the computer that you're installing the printer onto) and your printer name. For my purposes it looked like this: \\REFSTANDPAC\HPColorLaserPAC.
After this you will pick your printer brand and model. We were installing an HP Color Laserjet 2605 computer which wasn't listed so I chose the drivers for the HP Color LaserJet 2700 series and it worked. Maybe in this case close is good enough.
*How to determine what you have: http://support.microsoft.com/kb/827218