I have posted a very simple method to install OpenCV 2.4 for Python in Windows here : Install OpenCV in Windows for Python
It is just as simple as copy and paste. Hope it will be useful for future viewers.
Download Python, Numpy, OpenCV from their official sites.
Extract OpenCV (will be extracted to a folder opencv)
Copy ..\opencv\build\python\x86\2.7\cv2.pyd
Paste it in C:\Python27\Lib\site-packages
Open Python IDLE or terminal, and type
>>> import cv2
If no errors shown, it is OK.
UPDATE (Thanks to dana for this info):
If you are using the VideoCapture feature, you must copy opencv_ffmpeg.dll
into your path as well. See: https://stackoverflow.com/a/11703998/1134940