If you're reading this, you probably have been digging on internet forums all day long, and still couldn't make your printer work. These printers are very reliable, but as the motherboards stop using parallel ports, we have to solve this problem..
Step 1:
Plug the printer to the adapter, and the adapter to your computer. It'll automatically install 'USB Printing Support Driver' and *sigh* the 'No Printer Connected Driver'.
Step 2:
Go to Start>Printers and Devices in the 'Not specified' group, make sure you see something like 'IEEE-1284 Controller' or 'Prolific Parallel-to-USB Cable'.
Step 3:
Search the model number of your printer like 'Diebold Procomp IM402TP' (you may find it on the printer itself, in it's back, bottom, etc.
Step 4:
Extract the files to a folder (if it's an EXE or ZIP file).
If there are no programs inside it (.exe files), jump the step 5.
Step 5:
Download the 'Universal Extractor' from here: http://legroom.net/scripts/download.php?file=uniextract161
Note: If you download UniExtract from the official link above, it is not infected with a virus. If your anti-virus software tells you otherwise, please see this forum post for details.
Step 6:
Search for .inf files, when you find it (or them), open Printers and Devices, click
'Add a printer' on the top bar, choose 'Add a local printer', then choose any USB000[X] option you want, this doesn't matter now; click next. Click 'Use disk' and select the .inf file you've downloaded before, now click 'OK' and then select the driver accordingly to your printer model. Click 'Next', choose an name for it and click 'Next' again. Allow it to install the unsigned driver (if required'.. AND BAM! Your printer is still not ready!
Step 8:
Try printing a Test Page, if doesn't works, go to Printers and Devices, right-click the printer, choose 'Printer Properties'>'Ports' and try each of them until it works.. (don't forget to use the 'Apply' button each time you change it)
Step 8:
Enjoy your new printer
Here are some useful links:
https://social.technet.microsoft.com/Forums/systemcenter/en-US/1b70932a-50ee-432c-9b57-199a058220a4/configuring-windows-7-ieee1284-controller-driver-for-usb-to-parallel-port-adaptor-cable?forum=w7itprohardware
https://tnp.uservoice.com/knowledgebase/articles/172101-determining-the-com-port-of-a-usb-to-serial-adapte
http://superuser.com/questions/527033/how-do-i-assign-a-lpt-port-for-a-usb-to-parallel-adapter-on-windows-7
http://smallbusiness.chron.com/printer-port-56537.html
http://smallbusiness.chron.com/operate-parallel-port-printers-usb-ports-49507.html
http://www.pcadvisor.co.uk/forum/helproom-1/parallel-usb-printer-cable-wont-install-327942/
Good luck.
dM.

I have a new Dell PC (Windows 7 Home Premium 64 bit) that doesn't have a parallel port to permit me to connect an old HP Laserjet 4 printer. I bought a USB to parallel cable to connect the PC to the printer. When powering on the printer, W7 installed a IEEE-1284 controller that shows up in the Unspecified list of Devices in the control panel. I 'Added a New Printer', selected port 'USB001 virtual printer port for USB', then selected the correct print driver (after having 'Windows Update' retrieve a longer list). When trying to print a test page, the 'ready' light on the printer begins to print, but nothing else happens.
After experimenting with different settings, I was able to get a page to print that said '*s1M'. I don't know how this happened or what this means. This suggests that the PC is 'talking' to the printer. However, I've been unable to reproduce this.
HP support was unable to help me, and I've been searching for an answer. Anyone have any suggestions? I'd hate to give up using a 'workhorse' printer that has been reliable for years.