I have XP SP2, with the latest updates, and HP3110 All in one printer/scanner/fax and no problem. (sorry)
Try checking for updates for the printer, maybe.
I really don't know how dangerous it is not installing the updates, it depends quite a bit on what browser you use, other security software (I'm no longer a fan of AdAware at all- there are much better freebies), and from memory, I think there were some office updates also...how much do you use that?
IMO a two way firewall is a must, no matter whether windows is patched or not.