Error message: "An error occurred while trying to add the selected printer. Error:-50."

When trying to re-install my printer (HP LaserJet 1320) to my computer (Mac OS X, version Tiger 10.4.10)
I receive the above error message, which prevents the re-installation of the printer. The printer is directly connected to the computer via usb and there is no network involved.

Here is the scenario:

From the Printer browser window I select the printer type (HP LaserJet 1320) from the Print Using drop-down menu, after which the above error message appears and ends the printer installation process.

Does anyone have any information on the Error 50 error message and how to overcome it?

Thanks for any tips.