Yes you need to install the printer on the laptop, you also need to be on the same workgroup as the computer that is sharing the printer.
Assuming that you are on the same workgroup it should be just a matter of going to Start / Search and search of a computer on the network.
You should then see the computer that is sharing the printer.
Double click on that computer and then on the printer and follow the install prompts on screen.
After that the printer should show up in your "printers and faxes" window.