Share the folder on the XP machine by right clicking it and choosing properties. You have to allow permissions in the security tab. The easiest way is to allow it for everyone by clicking edit, then typing the word everyone. Then allow full control.
Make sure printer and file sharing is enabled on both machines. Also make sure they both have passwords in use for the accounts and password protected access is enabled.
Then map a network drive from the 7 machine to the XP machine. You can set it to remember the username and password from the other machine while doing so. And also to reconnect when Windows boots up.
If you need other help, please let us know.
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