I assume someone has already fixed this problem, as I am using a very old version of python compatible with my version of blender. Though after searching, I found results for the same error message only a month or 2 ago.

anyways, my version of python 2.6.2 is out of support. but I assume if this has recently been fixed for more recent python modules, the same sort of fix could be applied to my install.

The problem is, I am on 64 bit windows 7 with 64 bit python 2.6.2 installed to use blender 2.49b. I have a 32 bit computer and verified the error does not appear when importng the socket module there! only on my 32 bit computer., I tried uninstalling 64 bit python from C:\Python26 and reinstalling to C:\Program Files (x86)\Python26. I have updated the system environment variables, to include this in the python path.

and I still get 
"C:\Program Files (x86)\Python26\LIB\socket.py", line 46, in <module> 
import _socket 
ImportError: DLL load failed: %1 is not a valid Win32 application

I would be happy if someone remembered the fix for this so I could apply it myself.