Yes, this has worked before! I just used it the other day and it was fine. And I've tried other ports as well..it says it found new hardware and then it says that same thing that it's not recognized. This is really frustrating.
Sounds like your printer is having a personality crisis. Ahhh, the joys of technology.
Step 0: Power off the computer and the printer at the wall, and reboot. Try again. If it works now, it was probably an operating system glitch. If it doesn't work now, goto step 1.
Step 1: Do full virus scan. If that detects nothing nasty, goto step 2.
Step 2: Do other USB devices work correctly? eg, flash memory sticks, digi camera, etc. If so then your USB works and goto test 3 because that isn't the problem part. If some of these devices don't work either, it maybe the USB that's gone wrong, goto step 4.
Step 3: Now I would suspect a corrupt printer driver. I would remove/delete the driver dll, and reinstall new. If that doesn't solve the problem goto step 5.
Step 4: If USB has gone wrong it could be lots of things. BIOS fault; USB expansion card has bad connection; USB expansion card is faulty; USB driver fault.
Step 5: Printer may be faulty. If you can try your printer on a different computer, then do that. If printer works on another computer, then you're computer is probably haunted by the ghost of christmas past, and you just have to see the nightmare through.