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That Linksys WPS11 only has a parallel port for the printer, no USB. It's also 802.11b, not 802.11g, which also means it's slower (not sure you'd notice...) You should get the other suggested Linksys or D-Link. There's also the Apple Airport Express for $129; it also has analog/digital audio out, so if the printer is near the stereo, you can play music too (with iTunes).
Anyway, what would happen is: you plug the printer into the gizmo via USB. Then the gizmo connects wirelessly to your existing wireless router/access point, which will require its own setup. Once that's done, it makes the printer accessible over the network, as if it was hard-wired. Then you use the usual control panels and wizards to connected to a networked printer, which may vary depending on which flavor of Windows (or Mac OS) you're running.
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