It means you can't open LPT1 as a stream/file anymore. Printing is kind of a pain in the ass now (until the next version of Visual Studio). Look up the help on the Printing.PrintDocument object which is how you print in .NET. Your sample would be something like this:
VB Code:
Private Sub Button2_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles Button2.Click
Dim pd As New Printing.PrintDocument
AddHandler pd.PrintPage, AddressOf pd_PrintPage
pd.Print()
End Sub
Private Sub pd_PrintPage(ByVal sender As Object, ByVal ev As Printing.PrintPageEventArgs)
ev.Graphics.DrawString("Hello", Me.Font, New SolidBrush(Color.Black), 10, 10)
End Sub