I tried the above and adding the registry keys to the LOCALMACHINE was not getting the job done. So in case you are still stuck , try this.
Windows Registry Editor Version 5.00
[HKEY_CURRENT_USER\SOFTWARE\Python]
[HKEY_CURRENT_USER\SOFTWARE\Python\PythonCore]
[HKEY_CURRENT_USER\SOFTWARE\Python\PythonCore\2.7]
[HKEY_CURRENT_USER\SOFTWARE\Python\PythonCore\2.7\Help]
[HKEY_CURRENT_USER\SOFTWARE\Python\PythonCore\2.7\Help\Main Python Documentation] @="C:\Python27\Doc\python272.chm"
[HKEY_CURRENT_USER\SOFTWARE\Python\PythonCore\2.7\InstallPath] @="C:\Python27\"
[HKEY_CURRENT_USER\SOFTWARE\Python\PythonCore\2.7\InstallPath\InstallGroup] @="Python 2.7"
[HKEY_CURRENT_USER\SOFTWARE\Python\PythonCore\2.7\Modules]
[HKEY_CURRENT_USER\SOFTWARE\Python\PythonCore\2.7\PythonPath] @="C:\Python27\Lib;C:\Python27\DLLs;C:\Python27\Lib\lib-tk"
Copy paste the above in notepad and save it as Python27.reg . Now run/merge the file as mentioned in the answers above. (Make sure the paths of Python installation are corrected as per your installation.
It simply does ,what the above answers suggest for a local machine ,to the current user.