PCB with laser printer

Yes, it is done, apparently on a regular basis by some who achieve good results.
After trying a number of different types of laser paper with less-than-optimal results, I found a product that is specifically made for laser transfers onto copper boards. By using "Techniks Press-n-Peel PnP-BLUE Printed Circuit Board Transfer Film for Laser Printers and Photocopiers", I've been able to create acceptable transfers.

Nevertheless, I've found that the process is tricky since it's difficult to control the heat on most clothes irons, and the amount of heating time and pressure needed involves trial and error.

There is an excellent tutorial available on the web, from David Cook, as a help system for users of his (free- for home users) drawing program: Copper Connection. There is a lot of good advice at his website if you "look around".

Best Results for Home Etching PCBs - Robot Room

David Cook's Robot Room: Robotics, Circuits, and Machining

The site leans heavily toward "building robots", but the techniques for creating boards for other purposes is essentially the same.
I've had inconsistent results with a clothes iron. I even tried a couple of different ones.
So, I bought a laminator. Frankly, it works so well that I'm a little miffed that I waited so long to try it! I bought the Apache AL13P (scroll down on this page: Apache Laminators). At the time, it was about $70 (USD), I think.
With a very clean board, it doesn't even seem to be so touchy about what paper is used to transfer the toner from.

good luck,