1. Open cmd ( Type in Run option, the command 'cmd' or navigate to All Programs->Accessories-> Command Prompt)
2. In cmd change to the directory that you want ( you can use the commands " cd..." to exit the curent folder and "E:" for example to change from your current drive to E drive.
3. Type md \lpt1\\ and press Enter, the folder will be created now on your computer.
4. If you want to delete it or rename it
it will appear error message:
5. If you want to delete it just go to 'cmd', navigate to the directory and type rd \lpt1\\ and press Enter.
The folder will be deleted now.