I prefer to install the 64-bit Python 2.7.4, then use the pre-built packages for Win64 at
<a href="http://www.lfd.uci.edu/~gohlke/pythonlibs/" rel="nofollow">http://www.lfd.uci.edu/~gohlke/pythonlibs/</a> .
I primarily use Python for scientific calculations, plus a little bit of web development, and I have chosen the following packages:
Base, NumPy, SciPy, MySQL-Python, Mathplotlib.
(NOTE: "Base" is a bundled collection of Python packages you will find at the above site; it is not a package that you will find at the official PyPI repository.)
I also installed pip, but since I am behind a corporate firewall and have another program named "pip" (part of Strawberry Perl), it was a bit tricky.