Within Internet Explorer you can click Printe Preview and you'll see that the page that is being printed isn't the same as the page in IE. There are CSS elements which change style sheets so that when you go to print, certain areas of the page are hidden.
You can modify this to include more elements to hide, like toolbars or the breadcrumb. Simply add the following style sheet elements to the page and you're golden!
<style type="text/css">@media print{.ms-titlearea,.ms-listdescription,.ms-menutoolbar {display :none; visibility:hidden }}</style>
Use IE's Dev Toolbar to determine the class names to hide.
This can be added using a content editor web part, or modify the master page and include it in there.
Steps on how to make the modifications are at my blog.