I think ctypes is the way to go.
The following example of ctypes is from actual code I've written (in Python 2.5). This has been, by far, the easiest way I've found for doing what you ask.
import ctypes
# Load DLL into memory.
hllDll = ctypes.WinDLL ("c:\\PComm\\ehlapi32.dll")
# Set up prototype and parameters for the desired function call.
# HLLAPI
hllApiProto = ctypes.WINFUNCTYPE (ctypes.c_int,ctypes.c_void_p,
ctypes.c_void_p, ctypes.c_void_p, ctypes.c_void_p)
hllApiParams = (1, "p1", 0), (1, "p2", 0), (1, "p3",0), (1, "p4",0),
# Actually map the call ("HLLAPI(...)") to a Ptyhon name.
hllApi = hllApiProto (("HLLAPI", hllDll), hllApiParams)
# This is how you can actually call the DLL function.
# Set up the variables and call the Python name with them.
p1 = ctypes.c_int (1)
p2 = ctypes.c_char_p (sessionVar)
p3 = ctypes.c_int (1)
p4 = ctypes.c_int (0)
hllApi (ctypes.byref (p1), p2, ctypes.byref (p3), ctypes.byref (p4))
The ctypes stuff has all the C-type data types (int, char, short, void*, ...) and can pass by value or reference. It can also return specific data types although my example doesn't do that (the HLL API returns values by modifying a variable passed by reference).