I would think that would be your last choice right after the drastic step of running a system restore.
Have you emptied the contents of your spool directory?
First do this:
Start | run
type in "net stop spooler"
Then delete all files in the folder "C:\windows\system32\spool\PRINTERS" this will clear any offending job you have. Please note if you have changed the location of your print spooler folder you need to clear the proper folder out.
Now restart the spooler:
Start | run
type in "net start spooler"
Good Day
Take a look at:
Troubleshooting general printing problems in Windows XP