I got PLIP working by adding a boot parameter specifying the IRQ to both my desktop PC and the notebook. I had constructed a cable for this purpose beforehand. Effective average throughput is up to 350 kbps. The /etc/init.d/network on both machines is provided in Appendix E.
Cable wiring details and other useful information may be found in the kernel source code in usr/src/linux/drivers/net/plip.c and also in /usr/src/linux/Documentation/net/PLIP.txt. Note that when using PLIP, the interactive performance of the machine suffers enormously. However, when sucking mp3s and the like from machine to machine, it's a hell of a lot better than floppies and much cheaper than a PCMCIA Ethernet card.
For further fun and excitement, you can set your desktop machine up as a router / firewall and effectively get direct Internet access through the PLIP connection. Since I want this document to stay fairly up-to-date, here is the procedure for the desktop machine, for a recent 2.3 kernel (works as of 2.3.31):