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Microsoft Windows XP is the sixth release of the NT series of operating systems, and was the first to be marketed in a variety of editions: XP Home and XP Professional, designed for business and power users. The advanced features in XP Professional are generally disabled in Home Edition, but are there and can be activated. There were two 64-bit editions, an embedded edition and a tablet edition.
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On the Windows 7 PC, is the firewall running? If so, you may have to turn on file and print sharing exception in order for the XP computer to see it. You might also have to turn on Network Discovery in Windows 7.
See the link below and perform Step 2 on the Windows 7 PC.
http://www.speedguide.net/faq_in_q.php?qid=361