Although the USR 5461 is an old router, it does work well. and I just experienced the same problem with a new computer running Windows Vista Home Basic 32.
The best bet is to first install printer drivers suited to Windows Vista. In my case for a brother HL-2040.
The next steps I used are the following. Make the following changes to the registry
Error message when you try to install a network printer on a Windows Vista-based computer: "Windows cannot connect to the printer Operation could not be completed (error 0x0000000d)"
After that procedure, go to settings-Printers, and select add a printer. Then select add a network printer. Click on printer wasn't listed, go to next screen, select "select a shared printer by name". Select the BROWSE button. Next screen, Go to the upper menu and find Network Location, pull down, and select your router name and check the box. At the bottom of this screen enter:
http://192.168.2.1:1631/printers/My_Printer
Hit the select button. The computer should find the network location at this stage. A prompt will appear asking to identify the printer. (Pick in my case Brother HL-2040 series). You will be prompted to print a test page and then click the finish tab. (I assume here that the page printed)
The printer may not appear immediately in the printer window. and you may have to reboot to see the icon. You will however, immediately be able to print immediately from the print pull down menu in any application. The printer will appear as a networked icon in the printer display window. and it will be labeled "My Printer on http...etc" in the pull down print menus. Hope this helps. I spent a few hours on this today trying to install with no luck until I used this approach.