Clicking on the tab from the MCC page will not do anything. You must first click on a client and then click on the print ads tab.
After you click on the print ads, while on a client, you will see the start screen for Google Print Ads. It basically tells you how to get started and offers you up to $1,000 towards your first newspaper campaign. The offer expires on August 31st and you can learn more about this offer over here.
Here is a screen capture of the page:
When I clicked the "Get Start Now" button, Google responded:
Oops! Print Ads is unavailable right now.
We apologize for the inconvenience - our engineers have been notified of this problem and are working to resolve it. Please try again later.
I then tried again and it worked. So here is a step by step screen by screen of how to set up a print ad in Google AdWords.
Here is the campaign summary page, you click create print ad from this screen.
Then you select your newspaper, I picked a local one.
Then you choose your ad size and the run dates for the ad. This is where you find out how much it will cost.
This is showing you my selection:
Finally, you need to submit the ad content and graphics:
Google Print Ads has its own FAQ section over here.
Forum discussion at WebmasterWorld.