Resolution
- Stop your Windows VM if it's running.
- Open VM Configuration Editor (Parallels Desktop menu - Edit - Virtual Machine)
- 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.
- Make sure that you are able to print using that printer from the Mac OS side.
- 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).
Troubleshooting:
The Parallel Port (Default Printer) does not print -- make sure that you have Mac OS compatible printer, it's properly configured and you are able to print from the Mac side.
The "HP Color LaserJet 8500 PS" printer is not available in Windows -- make sure you have Parallels Desktop 3.0 version and Parallels Tools package is installed in your Windows VM.
You can also manually install "HP Color LaserJet 8500 PS" with printer wizard on LPT1 port.
Keywords: Parallel Port (Default Printer), printing, parallel