Good to know (from Parallels knowledge base):

How to setup printing from Windows guest OS using Parallels Desktop 3.0 Parallel Port (Default Printer)

1. Stop your Windows VM if it's running.

2. Open VM Configuration Editor (Parallels Desktop menu - Edit - Virtual Machine)

3. Add Parallel Port Printer to the VM Configuration: click "Add" - select "Parallel Port", hit "Next" - select "Use a printer" - select the printer you have available in the Mac OS.

4. Make sure that you are able to print using that printer from the Mac OS side.

5. Start Windows and try printing some document using "HP Color LaserJet 8500 PS" (it's generic driver that's being used for printing from the Virtual Machine to any Mac OS compatible printer).