Just SP2, with none of the subsequent patches at all??
Now that I don't think is recommended at all.
I'd rather patch and put up with the problem, or uninstall the printer.
My advice: get onto HP about it. I've never had a problem with them, and found the combo works well, but I don't know how good the support will be for that printer.
Try system restore to the (almost) fully patched state immediately prior to the last update, if possible.
Was the Skype/IE7 problem only after the latest update, or has that been a problem for longer?