1. Python

Download the Python 2.7 Windows Installer from the Python.org download page. Choose either 32-bit or 64-bit version. Install it. Take note where you install it.

2. PyWin32

Download Python for Windows extensions or "pywin32" here. Install it. It should detect your Python directory. This is optional, but I recommend it.

3. Setuptools

Download setuptools from PyPi

• For a 32-bit installation, you can use the setuptools-x.y-win32-py2.7.exe file. Run the installation program, which should detect your installation path.
• For a 64-bit installation, download the ez_setup.py and place it in your installation directory.

4. Your PATH

Edit your PATH. Open My Computer properties, from there Advanced Settings, and open the Environment Variables property window. If you have a PATH variable set already, edit that. Otherwise add an environment variable called "PATH" and add your Python installation directory, and also the scripts directory. The paths are separated by semicolons. For example:

C:Python27;C:Python27Scripts;C:Python27ToolsScripts

Here's a screenshot:

If you need other users, or system services to use Python, you can add it to the System Path. If you only use it yourself, add it to your own path.

5. IPython

Open command prompt. Go to the installation folder you chose.

c:
cd \
cd Python27

If you are using the 64-bit version, now is the time to run the ez_setup.py which you downloaded earlier. The defaults are pretty much ok. If you have the 32-bit version, the setuptools should be installed already, so move on.

You can install stuff from the the Python Package Index using the easy_install command, which is in the Scripts folder. If you added it into your path, you can run it from anywhere.

To get a nicer shell, let's install IPython. Run these commands (which were taken from this page):

easy_install distribute
easy_install pyreadline
easy_install ipython

Now you can start the IPython shell by running the ipython command:

C:\Python27>ipython
Python 2.7.3 (default, Apr 10 2012, 23:31:26) [MSC v.1500 32 bit (Intel)]
Type "copyright", "credits" or "license" for more information.

IPython 0.13.1 -- An enhanced Interactive Python.
?         -> Introduction and overview of IPython's features.
%quickref -> Quick reference.
help      -> Python's own help system.
object?   -> Details about 'object', use 'object??' for extra details.

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Also, to get packages and libraries, just run easy_install to fetch and install it automatically.

If you create your own modules and packages, you can put them in this directory:

C:Python27Libsite-packages

That way you can import them in your scripts easily.