|Yes it's possible, you just have to install a printer on the laptop that points at the device connected to the desktop.|
For information on how to do this, click on my name above in my response and read my "how-to" guide titled, "Installing a Network Printer: version 2"
NOTE: you will need to know the IP address of the computer with the printer connected to it. To find that out, on the computer (with the printer connected to it) open a command prompt window (ie: Start >> Run >> type cmd and hit Enter) and run the following command:
Write that down so you have it handy when installing the printer on the laptop.
It matters not how straight the gate,
How charged with punishments the scroll,
I am the master of my fate;
I am the captain of my soul.