Looks straight forward, right? hell no.
I wasted 2 hours yesterday trying to understand dafuq is wrong. My situation was like this: there is an old printer, connected to a windows7 32 bit system and shared. I had to connect a laptop with a 64bit system to use that printer. The laptop could ping the other computer, it could see the printer and everything else, but it just could not connect to the printer. It would show the error code 0x00000214.
In the end, being hopeless I started googling for the error code and stumbled upon a post on MS technet.
What we did prior to that was try to install drivers first locally few times, which I guess worked, but it would quit because it cannot connect to the shared printer. So we tried to connect the printer to the laptop over a USB cable, laptop installed them drivers but still did not work.
This solution did the trick for me:
http://answers.microsoft.com/en-us/windows/forum/windows_7-hardware/error-0x00000214-cannot-connect-to-networked/4517c9e0-9875-47f6-acb7-88963c04a147