I have a stand-along javascript that I run on the client-side from a HTML page that simply installs a printer. However, since I control over 200 printers, I do not want to have a javascript for each printer. Therefore, is is possible to pass parameters (server name, printer, default printer flag) to a single generic script.

Very easy if the script is being run by the Windows Script Host, as stand alone files are by default, it's very similar to using traditional batch files as regards passing the values. To retrieve them see the documentation here and look at WScript.arguments.
Windows Script Host

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Joe (Microsoft MVP - XML)