Server - the computer hosting the data/printer to share
Client - the computer accessing the data/printer
Local- On the computer where the user is
Remote- On the Server computer, where the user is not at
Sharing- Allowing network computers to access your computer resources
Mapping - Makes the Client think a certain Shared folder is Local

Before you start:

Make sure the Client, and Server computer are using the same Workgroup name.
Right click "My Computer" and go to properties
Go to the computer name category
Make sure you take note of your:
FULL COMPUTER NAME
WORKGROUP

You need your workgroup to match on your client, and server. To change, click Change.

Sharing folders:

Open My Computer and right click the Hard Drive or Folder you want to share
Go to the Sharing and Security option on the popup

From here, click "I understand the risks...." as we discussed those before
You can now either run a file sharing WIZARD or do it manually
If you choose to manually enable sharing, just name the folder you want others to see it as and either choose to let others change your files, or to allow them just to read your files.

Click ok and your drive will be shared. (You may need to restart)

Sharing Printers:

Start > Control Panel
Printers and Faxes
Right click your printer and go to "sharing"
Select "Share this printer"
Use the default name, and click OK

To access Network Files or Folders:

On the Client machine
Start > Run > computername
(replace computer name with the Server computer name)

Let the computer access the shared drives and printers on the server......
When the new windows opens up:

Right click the printer you want to use, and set as default
Right click the network folders you want to share and click "Map Network Drive"
If you dont want the drive mapped, just open the folder to access files

This makes the Servers drive automatically list on the clients "My Computer"