I've seen issue 21050 and tried a complete uninstall, delete c:\python34 and install of python 3.4.

I can't get win32api to load unless I copy pythoncom34.dll and psywintypes34.dll to C:\Python34\Lib\site-packages\win32 from C:\Python34\Lib\site-packages\pywin32_system32.

Here's output from a python -v session:

>>> import win32api
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
  File "<frozen importlib._bootstrap>", line 2214, in _find_and_load
  File "<frozen importlib._bootstrap>", line 2203, in _find_and_load_unlocked
  File "<frozen importlib._bootstrap>", line 1191, in _load_unlocked
  File "<frozen importlib._bootstrap>", line 1161, in _load_backward_compatible
  File "<frozen importlib._bootstrap>", line 539, in _check_name_wrapper
  File "<frozen importlib._bootstrap>", line 1692, in load_module
  File "<frozen importlib._bootstrap>", line 321, in _call_with_frames_removed
ImportError: DLL load failed: The specified module could not be found.
>>> import pdb; pdb.pm()
# C:\Python34\lib\__pycache__\pdb.cpython-34.pyc matches C:\Python34\lib\pdb.py
# code object from 'C:\\Python34\\lib\\__pycache__\\pdb.cpython-34.pyc'
# C:\Python34\lib\__pycache__\re.cpython-34.pyc matches C:\Python34\lib\re.py
# code object from 'C:\\Python34\\lib\\__pycache__\\re.cpython-34.pyc'
# C:\Python34\lib\__pycache__\sre_compile.cpython-34.pyc matches C:\Python34\lib\sre_compile.py
# code object from 'C:\\Python34\\lib\\__pycache__\\sre_compile.cpython-34.pyc'
# C:\Python34\lib\__pycache__\sre_parse.cpython-34.pyc matches C:\Python34\lib\sre_parse.py
# code object from 'C:\\Python34\\lib\\__pycache__\\sre_parse.cpython-34.pyc'
# C:\Python34\lib\__pycache__\sre_constants.cpython-34.pyc matches C:\Python34\lib\sre_constants.py
# code object from 'C:\\Python34\\lib\\__pycache__\\sre_constants.cpython-34.pyc'
import 'sre_constants' # <_frozen_importlib.SourceFileLoader object at 0x02EB21B0>
import 'sre_parse' # <_frozen_importlib.SourceFileLoader object at 0x02EAE4B0>
import 'sre_compile' # <_frozen_importlib.SourceFileLoader object at 0x027D4BF0>
# C:\Python34\lib\__pycache__\copyreg.cpython-34.pyc matches C:\Python34\lib\copyreg.py
# code object from 'C:\\Python34\\lib\\__pycache__\\copyreg.cpython-34.pyc'
import 'copyreg' # <_frozen_importlib.SourceFileLoader object at 0x02EB23B0>
import 're' # <_frozen_importlib.SourceFileLoader object at 0x027D44D0>
# C:\Python34\lib\__pycache__\cmd.cpython-34.pyc matches C:\Python34\lib\cmd.py
# code object from 'C:\\Python34\\lib\\__pycache__\\cmd.cpython-34.pyc'
# C:\Python34\lib\__pycache__\string.cpython-34.pyc matches C:\Python34\lib\string.py
# code object from 'C:\\Python34\\lib\\__pycache__\\string.cpython-34.pyc'
import 'string' # <_frozen_importlib.SourceFileLoader object at 0x02EB2CB0>
import 'cmd' # <_frozen_importlib.SourceFileLoader object at 0x02EAEDF0>
# C:\Python34\lib\__pycache__\bdb.cpython-34.pyc matches C:\Python34\lib\bdb.py
# code object from 'C:\\Python34\\lib\\__pycache__\\bdb.cpython-34.pyc'
# C:\Python34\lib\__pycache__\fnmatch.cpython-34.pyc matches C:\Python34\lib\fnmatch.py
# code object from 'C:\\Python34\\lib\\__pycache__\\fnmatch.cpython-34.pyc'
# C:\Python34\lib\__pycache__\posixpath.cpython-34.pyc matches C:\Python34\lib\posixpath.py
# code object from 'C:\\Python34\\lib\\__pycache__\\posixpath.cpython-34.pyc'
import 'posixpath' # <_frozen_importlib.SourceFileLoader object at 0x02EBBFD0>
import 'fnmatch' # <_frozen_importlib.SourceFileLoader object at 0x02EBBD30>
# C:\Python34\lib\__pycache__\inspect.cpython-34.pyc matches C:\Python34\lib\inspect.py
# code object from 'C:\\Python34\\lib\\__pycache__\\inspect.cpython-34.pyc'
# C:\Python34\lib\__pycache__\ast.cpython-34.pyc matches C:\Python34\lib\ast.py
# code object from 'C:\\Python34\\lib\\__pycache__\\ast.cpython-34.pyc'
import 'ast' # <_frozen_importlib.SourceFileLoader object at 0x02ED7D30>
# C:\Python34\lib\importlib\__pycache__\__init__.cpython-34.pyc matches C:\Python34\lib\importlib\__init__.py
# code object from 'C:\\Python34\\lib\\importlib\\__pycache__\\__init__.cpython-34.pyc'
# C:\Python34\lib\__pycache__\warnings.cpython-34.pyc matches C:\Python34\lib\warnings.py
# code object from 'C:\\Python34\\lib\\__pycache__\\warnings.cpython-34.pyc'
import 'warnings' # <_frozen_importlib.SourceFileLoader object at 0x02EF94B0>
import 'importlib' # <_frozen_importlib.SourceFileLoader object at 0x02EF92D0>
# C:\Python34\lib\importlib\__pycache__\machinery.cpython-34.pyc matches C:\Python34\lib\importlib\machinery.py
# code object from 'C:\\Python34\\lib\\importlib\\__pycache__\\machinery.cpython-34.pyc'
import 'importlib.machinery' # <_frozen_importlib.SourceFileLoader object at 0x02EF9410>
# C:\Python34\lib\__pycache__\linecache.cpython-34.pyc matches C:\Python34\lib\linecache.py
# code object from 'C:\\Python34\\lib\\__pycache__\\linecache.cpython-34.pyc'
# C:\Python34\lib\__pycache__\tokenize.cpython-34.pyc matches C:\Python34\lib\tokenize.py
# code object from 'C:\\Python34\\lib\\__pycache__\\tokenize.cpython-34.pyc'
# C:\Python34\lib\__pycache__\token.cpython-34.pyc matches C:\Python34\lib\token.py
# code object from 'C:\\Python34\\lib\\__pycache__\\token.cpython-34.pyc'
import 'token' # <_frozen_importlib.SourceFileLoader object at 0x02F066D0>
import 'tokenize' # <_frozen_importlib.SourceFileLoader object at 0x02EF9C90>
import 'linecache' # <_frozen_importlib.SourceFileLoader object at 0x02EF9B70>
# C:\Python34\lib\__pycache__\dis.cpython-34.pyc matches C:\Python34\lib\dis.py
# code object from 'C:\\Python34\\lib\\__pycache__\\dis.cpython-34.pyc'
# C:\Python34\lib\__pycache__\opcode.cpython-34.pyc matches C:\Python34\lib\opcode.py
# code object from 'C:\\Python34\\lib\\__pycache__\\opcode.cpython-34.pyc'
import 'opcode' # <_frozen_importlib.SourceFileLoader object at 0x02F142B0>
import 'dis' # <_frozen_importlib.SourceFileLoader object at 0x02F01090>
import 'inspect' # <_frozen_importlib.SourceFileLoader object at 0x02EC8550>
import 'bdb' # <_frozen_importlib.SourceFileLoader object at 0x02EB2C10>
# C:\Python34\lib\__pycache__\code.cpython-34.pyc matches C:\Python34\lib\code.py
# code object from 'C:\\Python34\\lib\\__pycache__\\code.cpython-34.pyc'
# C:\Python34\lib\__pycache__\traceback.cpython-34.pyc matches C:\Python34\lib\traceback.py
# code object from 'C:\\Python34\\lib\\__pycache__\\traceback.cpython-34.pyc'
import 'traceback' # <_frozen_importlib.SourceFileLoader object at 0x02F2FF70>
# C:\Python34\lib\__pycache__\codeop.cpython-34.pyc matches C:\Python34\lib\codeop.py
# code object from 'C:\\Python34\\lib\\__pycache__\\codeop.cpython-34.pyc'
# C:\Python34\lib\__pycache__\__future__.cpython-34.pyc matches C:\Python34\lib\__future__.py
# code object from 'C:\\Python34\\lib\\__pycache__\\__future__.cpython-34.pyc'
import '__future__' # <_frozen_importlib.SourceFileLoader object at 0x02F24770>
import 'codeop' # <_frozen_importlib.SourceFileLoader object at 0x02F24450>
import 'code' # <_frozen_importlib.SourceFileLoader object at 0x02F2FB70>
# C:\Python34\lib\__pycache__\glob.cpython-34.pyc matches C:\Python34\lib\glob.py
# code object from 'C:\\Python34\\lib\\__pycache__\\glob.cpython-34.pyc'
import 'glob' # <_frozen_importlib.SourceFileLoader object at 0x02F24690>
# C:\Python34\lib\__pycache__\pprint.cpython-34.pyc matches C:\Python34\lib\pprint.py
# code object from 'C:\\Python34\\lib\\__pycache__\\pprint.cpython-34.pyc'
import 'pprint' # <_frozen_importlib.SourceFileLoader object at 0x02F24B90>
import 'pdb' # <_frozen_importlib.SourceFileLoader object at 0x027C44D0>
> <frozen importlib._bootstrap>(321)_call_with_frames_removed()
(Pdb) locals()
{'args': ('win32api', 'C:\\Python34\\lib\\site-packages\\win32\\win32api.pyd'), 'kwds': {}, 'f': <built-in function load_dynamic>}
(Pdb) q

This issue is not related to anything in the Python 3.4 release. It's a problem with the installer not asking to be installed as administrator.

Running C:\Python34\Scripts\pywin32_postinstall.py as administrator after installing fixes this.