There's a few issues noted on the MS support site about this kind of problem:
When I try to print from Internet Explorer nothing prints and the Print Preview page is blank
Have a nose around MS for ""internet explorer 7" XP problem printing" - another solution seems to be if you're running MSIA (Microsoft Software Inventory Analyzer). If you have MSIA installed, uninstall it and test.
Is it all profiles on the PC that have the problem or just yours? It might be a solution (though painful) to delete your profile and create a new one. Backup documents and settings first, naturally!
SD