On Python 3.3.3 it is even worse.
I am using Python 3.3.3 (32bit) on Windows 7 (64bit).
Visual Studio C++ 2008 Express Edition is properly installed.

Note: I use Python 32bit because Visual Studio C++ 2008 Express Edition includes only the 32bit compiler.

Using Google I did find the instructions on http://stackoverflow.com/q/2817869/284795
But they were of no help.

There are two problems that are not addressed.

Problem #1:
distutils/msvc9compiler.py decides to look for the 32bit registry key (because it is a 32bit Python) but it should look for the 64bit registry key (because it is a 64bit Windows).

Problem #2:
distutils/msvc9compiler.py decides to look for VERSION=10
I did some reverse engineering on the module to find this information.
Why is this not documented?

After setting VS100COMNTOOLS=%VS90COMNTOOLS% everything worked fine.