For the parallel Colorshot currently the best (only?) way to continue to use it on more modern versions of Windows is to download Microsoft's FREE(!) Virtual Machine software (30MB) and, using your old Win98 installation CD, you can install a Windows 98 O/S on a virtual PC running Vista or XP.
Once your virtual '98 PC is up and running you can allow it to access to your real PC's parallel port and you can install the Colorshot drivers as normal on your new 98 PC.
You can even (with the provided extras) share a directory on your real PC with your virtual one.
Because of the speed of modern computers the virtual PC is very quick to start up and is not much of an overhead when printing.
I did it this afternoon - and it works.
Good Luck,
Theo