Another fun with PSTricks. It really uses the parametric approach in question.
\documentclass[pstricks,border=0pt,12pt,dvipsnames]{standalone}
\usepackage{pst-plot,pst-math,amsmath}
\usepackage[nomessages]{fp}
\FPeval\XMin{0-6}
\FPeval\XMax{7}
\FPeval\YMin{0-6}
\FPeval\YMax{6}
\FPeval\XOL{0-1/3} % of DeltaX
\FPeval\XOR{1/3} % of DeltaX
\FPeval\YOB{0-1/3} % of DeltaY
\FPeval\YOT{1/3} % of DeltaY
%\FPset\TrigLabelBase{3}
\FPeval\DeltaX{1}
\FPeval\DeltaY{1}
\FPeval\AxisL{XMin+DeltaX*XOL}
\FPeval\AxisR{XMax+DeltaX*XOR}
\FPeval\AxisB{YMin+DeltaY*YOB}
\FPeval\AxisT{YMax+DeltaY*YOT}
\newlength\Width\Width=12cm
\newlength\llx\llx=-5pt
\newlength\urx\urx=15pt
\newlength\lly\lly=-5pt
\newlength\ury\ury=15pt
\psset
{
llx=\llx,
lly=\lly,
urx=\urx,
ury=\ury,
%xtrigLabels,
%ytrigLabels,
%trigLabelBase=\TrigLabelBase,
labelFontSize=\scriptstyle,
xAxisLabel=$x$,
yAxisLabel=$y$,
algebraic,
plotpoints=500,
yMaxValue=\YMax,
yMinValue=\YMin,
}
\pstVerb{/K {.25 Pi div} def}
\def\x{t}
\def\yp{K*(SINH(t)-t)}
\def\yP{K/3*(SINH(t)-8*SINH(t/2)+3*t)}
\begin{document}
\pslegend[bt](80,0)
{
\color{NavyBlue}\rule{12pt}{3pt} & \color{NavyBlue} $\overline{p} = K (\sinh t -t) $ \\
\color{Maroon}\rule{12pt}{3pt} & \color{Maroon} $\overline{P} = \tfrac{1}{3} K (\sinh t -8 \sinh (\tfrac{1}{2}t)+3t) $ \\
& where $K=\frac{1}{4\pi}$
}
\begin{psgraph}
[
dx=\DeltaX,
dy=\DeltaY,
Dy=\DeltaY,
Dx=\DeltaX,
linecolor=gray,
tickcolor=gray,
ticksize=-3pt 3pt,
axespos=top,
]{<->}(0,0)(\AxisL,\AxisB)(\AxisR,\AxisT){\dimexpr\Width-\urx+\llx}{!}
\psaxes
[
dx=\DeltaX,
dy=\DeltaY,
labels=none,
subticks=5,
tickwidth=.4pt,
subtickwidth=.2pt,
tickcolor=Red!30,
subtickcolor=ForestGreen!30,
xticksize=\YMin\space \YMax,
yticksize=\XMin\space \XMax,
subticksize=1,
](0,0)(\XMin,\YMin)(\XMax,\YMax)
\psparametricplot[linecolor=NavyBlue]{\XMin}{7}{\x|\yp}
\psparametricplot[linecolor=Maroon]{\XMin}{7}{\x|\yP}
\end{psgraph}
\end{document}

Notes for ShareLaTeX users
Go to upper left menu, and you will see the following. Change as pointed by the red arrow. And don't forget to recompile.

The lastest update based on OP's comment
\documentclass[pstricks,border=0pt,12pt,dvipsnames]{standalone}
\usepackage{pst-plot,pst-math,amsmath}
\usepackage[nomessages]{fp}
% Be careful, fp has not defined
% the unary negate so we have to write 0-8 to represent -8 for example.
\FPeval\XMin{0-0}
\FPeval\XMax{7}
\FPeval\YMin{0-0}
\FPeval\YMax{6}
\FPeval\XOL{0-0} % of DeltaX
\FPeval\XOR{1/3} % of DeltaX
\FPeval\YOB{0-0} % of DeltaY
\FPeval\YOT{1/3} % of DeltaY
%\FPset\TrigLabelBase{3}
\FPeval\DeltaX{1}
\FPeval\DeltaY{1}
\FPeval\AxisL{XMin+DeltaX*XOL}
\FPeval\AxisR{XMax+DeltaX*XOR}
\FPeval\AxisB{YMin+DeltaY*YOB}
\FPeval\AxisT{YMax+DeltaY*YOT}
\newlength\Width\Width=12cm
\newlength\llx\llx=-20pt
\newlength\urx\urx=15pt
\newlength\lly\lly=-20pt
\newlength\ury\ury=15pt
\psset
{
llx=\llx,
lly=\lly,
urx=\urx,
ury=\ury,
%xtrigLabels,
%ytrigLabels,
%trigLabelBase=\TrigLabelBase,
labelFontSize=\scriptstyle,
xAxisLabel=$x$,
yAxisLabel=$y$,
algebraic,
plotpoints=500,
yMaxValue=\YMax,
yMinValue=\YMin,
}
\pstVerb{/K {.25 Pi div} def}
\def\x{t}
\def\yp{K*(SINH(t)-t)}
\def\yP{K/3*(SINH(t)-8*SINH(t/2)+3*t)}
\begin{document}
\pslegend[rt]%(80,0)
{
\color{NavyBlue}\rule{12pt}{3pt} & \color{NavyBlue} $\overline{p} = K (\sinh t -t) $ \\
\color{Maroon}\rule{12pt}{3pt} & \color{Maroon} $\overline{P} = \tfrac{1}{3} K (\sinh t -8 \sinh (\tfrac{1}{2}t)+3t) $ \\
& where $K=\frac{1}{4\pi}$
}
\begin{psgraph}
[
dx=\DeltaX,
dy=\DeltaY,
Dy=\DeltaY,
Dx=\DeltaX,
linecolor=gray,
tickcolor=gray,
ticksize=-3pt 3pt,
axespos=top,
]{->}(0,0)(\AxisL,\AxisB)(\AxisR,\AxisT){\dimexpr\Width-\urx+\llx}{!}
\psaxes
[
dx=\DeltaX,
dy=\DeltaY,
labels=none,
subticks=5,
tickwidth=.4pt,
subtickwidth=.2pt,
tickcolor=Red!30,
subtickcolor=ForestGreen!30,
xticksize=\YMin\space \YMax,
yticksize=\XMin\space \XMax,
subticksize=1,
](0,0)(\XMin,\YMin)(\XMax,\YMax)
\psparametricplot[linecolor=NavyBlue]{\XMin}{7}{\x|\yp}
\psparametricplot[linecolor=Maroon]{\XMin}{7}{\x|\yP}
\end{psgraph}
\end{document}

pgfplotsmanual, specifically section 4.3.3 on page 51 of the v1.10 manual. You also appear to have some differences between the formula in the LaTeX code and the first one... specifically,K=1/piandK=1/(4*pi)– darthbith Aug 07 '14 at 13:33~in math mode; the spacing you get is wrong. – egreg Aug 07 '14 at 17:04