Next you need to configure the Print with Preview
dialog so that you're using the profile chosen in Proof Setup as
the Source Space (Photoshop CS) or Print (Photoshop CS2) .
You then select the media profile for the inkjet printer that you'll be
using as the proofing printer. The profile shown in the blue shaded area
is a custom built profile for my Epson 2100/2400, but you'll be
using one that matches your own printer/ink/media combination. The
Intent can be either Relative Colorimetric (RC) or Absolute
Colorimetric (AC). Using RC leads to a proof print that has
the restricted CMYK gamut of the press but with the clean bright whites
of the inkjet media being used. Using AC tends to produce a proof
print that has the restricted CMYK gamut of the press but with the whites
of the press stock. Generally using AC will result in a proof
print that appears flat when compared to the RC proof print but in
overall terms it is a more accurate indicator of how the final print from
the press will appear.

Photoshop CS - Print with
Preview Configuration for Cross-rendering
Assuming that everything is configured correctly in both dialogs you
can hit the Print button and Photoshop will do an-the-fly
conversion from the document colour space to the press profile defined by
you in the Proof Setup dialog followed by a further conversion to
the inkjet printer profile defined in the Print with Preview
dialog.