Do you already have a wireless router? What model is it? If you do, then just connect your printer to your router. There should be specific instructions in your printer's manual.
However, the one drawback in the lack of printer utilities when hooked up to the network. So once in a while I simply walk over to the printer and check the ink tanks. No big deal.
If you get a printer with built-in networking, it should work with utilities like that. Just FFT.
Easiest thing to do would be to just get an Airport Extreme base station and hook that up to your printer, HD.
how does this do both at once with only 1 usb?
that's just how USB works. You just have to plug in a USB hub that has its own power supply.