Printer problems

Exit to DOS and try printing there. If that works then it's a windows problem. My guess is that there is a bent pin in your printer port connector on the back of your PC.
If DOS doesn't print (say to DIR > PRN) then power down, open the case and look a the rear of your printer connector. One pin will appear pushed back. Remove the printer cable and push it back forward.

Does Device Manager report the addresses for LPT1 and LPT2 as 378 and 278 respectivly?

It is not a bent pin on the printer cable as the HP and Lexmark are both on new cables and I did check the pins today.

Check My Computer / Printers and right-click on each printer.  Ensure the Work As Offline option is NOT ticked.

The Lexmark printer is set to recieve the output directly from the computer.  The printer starts up, says it is busy, the stops and asks for paper to be added even though the paper tray is full.
The HP printer kicks out one sheet of paper upon boot up of the computer, however it does not respond when asked to print.

Did the printers ever work in Windows 95?  Have you loaded the Win95 drivers?  Have you installed them in Win95, and do they show up in the printers section of My Computer?  All obvious questions, I know, but sometimes it's the easy stuff that trips us up.

Did the printers ever work in Windows 95?  Have you loaded the Win95 drivers?  Have you installed them in Win95, and do they show up in the printers section of My Computer?  All obvious questions, I know, but sometimes it's the easy stuff that trips us up.  Also check to make sure the ports are set to the proper protocol in BIOS as well as Windows.