Yes.... and yes.
First make sure that you have file and printer sharing enabled in the network and sharing center on the computer hosting the printer.
Then, again on the computer hosting the printer, open "Devices and Printers", select and then right click the printer you want to share and choose "Printer properties"
Use the sharing tab to share it and give it a simple name, short and sweet no spaces.
As far as the driver install, the short answer is yes you need to install it on the client machine that is accessing the share. The good news is that if the client can use the one that exists on the host machine then it will do so automatically. If not (say in the case of a 64bit driver being slightly different than a 32 bit driver) you...