Apple - PC - Printer networking question

Can a PC print to a printer connected directly to a Mac if both the Mac and PC are on the same network? IOW it's not a network printer per se.

I want to get an iMac G5 to replace my PC and I'd connect my printer to it. BUT my wife needs to be able to print to the printer from her (wireless) laptop.

Thanks,
TM

Thanks guys - I'll look into the options you cited. Since my wife uses a laptop and is very mobile, there's no way to practically have the printer connected to her PC. Both option you guys present seems great....thank you.

TM