set PYTHON_INSTALL=D:\python26
then:
%PYTHON_INSTALL%\python.exe test.py
You could set up the PYTHON_INSTALL var using My Computer | Advanced | Environment Variables if you want it to persist.
EDIT:
And building on the other post (put the path to Python in the system path), you could have the best of both worlds:
set PATH=%PATH%;%PYTHON_INSTALL%
Then you can just call:
python test.py
EDIT 2:
Renamed 'PYTHONPATH' to 'PYTHON_INSTALL' as another poster pointed out that the environment variable 'PYTHONPATH' already has a defined use.