You are using the 32-bit version of Python interpreter. When using 32-bit software, WOW64 will create a new environment, with it own folders and substitutions.
You can see what I am talking about just by starting the 64-bit and the 32-bit version of the command prompt:
64-bit cmd.exe:
C:\Documents and Settings\Administrator>set prog
ProgramFiles=C:\Program Files
ProgramFiles(x86)=C:\Program Files (x86)
32-bit cmd.exe:
C:\WINDOWS\SysWOW64>set prog
ProgramFiles=C:\Program Files (x86)
ProgramFiles(x86)=C:\Program Files (x86)
ProgramW6432=C:\Program Files
As you can see from the second excerpt above, to get the 64-bit Program Files, you have to use the ProgramW6432
environment variable.
Another approach, however, could solve also other issues that may arise in future (especially with registry settings!): just use the 64-bit version of Python - even if I do not know where to download the 64-bit version of 2.4.