For fixing this issue I tried to following:

1) Installed python-2.6.3.msi
2) Downloaded cp720.py, genwincodec.py from http://svn.python.org/view?rev=74000&view=rev
3) Copied cp720.py it to Python31\Lib\encodings
4) Run Python31\python.exe I got the following error:
---
Fatal Python error: Py_Initialize: can't initialize sys standard streams
Traceback (most recent call last):
  File "C:\Python31\lib\encodings\__init__.py", line 98, in search_function
    level=0)
  File "C:\Python31\lib\encodings\cp720.py", line 50
    u'\x00'     #  0x00 -> CONTROL CHARACTER
          ^
SyntaxError: invalid syntax

This application has requested the Runtime to terminate it in an unusual way.
Please contact the application's support team for more information.
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5) copied genwincodec.py to Python26
6) Run C:\Python26>python.exe genwincodec.py 720  1>C:\Python31\Lib\encodings\cp720.py I got the following error message:
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Traceback (most recent call last):
  File "genwincodec.py", line 8, in <module>
    from gencodec import codegen
ImportError: No module named gencodec
---

What's wrong? that's really exhausted! I didn't face this problem with any programming language before (I'm C++/Qt developer)