Okay, I'm having the same problem ... I did install Python 2.4 as suggested, but Blender still says that Python isn't installed.  Please bare in mind I've never used Blender before and this is all very new to me. (I've only modeled in Hash, Lightwave {took a class} and Amorphium) Could I have Python installed in the wrong place.  I followed the MSI.  Thanks in advance. 

Sincerely
~ Boni ~

Boni

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"Be Hero to Yourself" -- Peter Tork