How to share COM objects between 2 processes?

Question

I want Application1.exe to instantiate an instance of its Item class.
I want Application2.exe to call GetPrice() on this object.

I have followed steps 1-7 on the following website:
http://www.codeguru.com/Cpp/COM-Tech/activex/tutorials/article.php/c5567/

This is what I have so far.

Application1's main looks like this:

CoInitialize( NULL );

DWORD dwRegister;
ItemFactory *pFactory = new ItemFactory;
CoRegisterClassObject( CLSID_Item, pFactory, CLSCTX_LOCAL_SERVER, REGCLS_MULTIPLEUSE, &dwRegister );

_getch();
return 0;

Application2's main looks like this:

CoInitialize( NULL );
CoGetClassObject( CLSID_Item, CLSCTX_LOCAL_SERVER, NULL, IID_IItem, (LPVOID *)&pFactory );

My Issue (hopefully my only issue) is that I have no idea how to associate my Item class (or its interface, IItem) with CLSID_Item; this is just some random GUID I defined in another file. I've tried

CoRegisterPSClsid( IID_IItem, CLSID_Item );

After this line, I tried

Item *pItem;
CoCreateInstance( CLSID_Item, NULL, CLSCTX_LOCAL_SERVER, IID_IItem, (LPVOID *)&pItem );

I get an E_NOINTERFACE error.
Should I be creating a factory with CoCreateInstance? Ugh, so confused...