I had the same issue when uninstalled my Python27 and re-installed it.
I downloaded the sip-4.15.5 and PyQt-win-gpl-4.10.4 and installed/configured both of them. it still gives 'ImportError: No module named PyQt4.QtCore'. I tried to move the files/folders in Lib to make it looked 'have' but not working.
in fact, jut download the Windows 64 bit installer for a suitable Python version (my case) from http://www.riverbankcomputing.co.uk/software/pyqt/download and installed it, will do the job.
* March 2017 update *
The given link says, Binary installers for Windows are no longer provided.
See cgohlke's answer at, PyQt4 and 64-bit python.