You did not mention if this is a laptop or desktop system. The reason I started with that item is that I’ve encountered problems with some USB devices on a laptop when the USB device was connected through a docking station or port replicator. It’s one of those “should not be a problem” type things, but if this is the case, try plugging the USB cable directly to the laptop.
Next thing I’d try (any type of system) is to move the printer to another computer and see if the problem is consistent across systems.
To reverse that scenario, also borrow another printer (the same model would be ideal, or as close as you can get) and try that on your own system. Between these last two, that should help isolate where the problem lies.
Another approach would be to get the sysinternals PortMon or other USB monitoring utility and see what sort of traffic is going over the port.
Another possibility is that the system may have only USB 1.1 ports and the printer only works with USB 2.0, in which case a new USB card would be called for. I’ve encountered this last problem with external USB hard drives. The system can “see” the printer, but nothing useful or productive happens.
Good luck and please write back with updates,