You will need a home router to plug everything into. You will then setup the sharing on both computers - windows help will get you through this.
If the printers do not have network ports then you can share both the printers in order to print to them from the other computer.
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Reply to sturm
I've made this recomendation before, but grab Cisco's Network Margic (trial works fine) put it on both computers, and run through the setup, super easy, and works great.