I am new to networking and needed some advice. I have two computer in two seperate rooms, cable modem & printer attached to the main one. I would like a product that would let me share the modem and printer wirelessly. I would really appreciate any comments and suggestions. Thank You

Get a 54MB (802.11g) wireless router with built-in switch and printserver. Hook the modem, printer and the main PC up to the router, using the available cables.
Get a wireless NIC for the PC in the other room and connect that wirelessly to the router.

Check out the Buffalo AirStation range at: http://www.buffalotech.com/products/wireless.php
or the Netgear wireless router/printservers such as: http://www.netgear.com/products/details/FWG114P.php?view=sb

check if your printer has USB or parallel connection.

my printer has both serial and usb, my printer though is not supported on the site (i have a lexmark IJ1200).

Then take the finger out and go look for another router which supports your printer!

(Or replace the printer with one that is supported, Lexmark are crap anyway)

no need to buy another printer, or the expense of a printserver, you can set it up using file and printer sharing and any decent wireless router. All you need to do is share the printer from the system it is connected to and then add a new printer on the wireless system and point it to that printer. You will need to make sure that both computers are in the same workgroup and make sure you have sharing enabled on them.

The way I suggested, was to make each PC independent. In my case, the printer would be on all the time, hooked up to the printserver, and thus be always available, without the need to have the other PC switched on.
Costs a few bucks more, I guess, but worth it.