Steps to reduce the delay when printing in Windows XP.
Step 1:
Go to [Start] -> Control Panel -> Printers and Other Hardware (if using Category view) -> Printers and Faxes.
Right-click the printer you are using and select Properties.

In the printer properties dialog, select the Advanced tab.

Select "Print directly to the printer" and click [OK].


Example of properties for an Okidata ML-320 printer.

Step 2:
WARNING: This step requires that you edit the Windows Registry which can cause serious damage to your Windows configuration if not done properly. Only change the specified registry key.

Go to [Start] -> Run...

In the Open box type: REGEDT32

In the Registry Editor, navigate to...

HKEY_LOCAL_MACHINE
  SYSTEM
    CurrentControlSet
      Control
        WOW

In the right hand pane there should be a key named LPT_timeout.

Double click LPT_Timeout.

An Edit String window will pop up where you can type a new value:
  Value name: LPT_Timeout
  Value data: 15


Registry Editor with LPT_timeout key open for editing.

The default value data is 15. Change the value data to 3 then click [OK].

Close the Registry Editor.