With python 3.4 and pywin32 version 218 it is only possible
to import win32com or win32api when pywintypes has been imported before.

Here is part of a session with 'python -v':

>>>
>>> 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: Das angegebene Modul wurde nicht gefunden.
>>> import pdb; pdb.pm()
> <frozen importlib._bootstrap>(321)_call_with_frames_removed()
(Pdb) locals()
{'kwds': {}, 'f': <built-in function load_dynamic>, 'args': ('win32api', 'C:\\Python34\\lib\\site-packages\\win32\\win32api.pyd')}
(Pdb) q
>>> import pywintypes
# C:\Python34\lib\site-packages\win32\lib\__pycache__\pywintypes.cpython-34.pyc matches C:\Python34\lib\site-packages\win32\lib\pywintypes.py
# code object from 'C:\\Python34\\lib\\site-packages\\win32\\lib\\__pycache__\\pywintypes.cpython-34.pyc'
# C:\Python34\lib\__pycache__\imp.cpython-34.pyc matches C:\Python34\lib\imp.py
# code object from 'C:\\Python34\\lib\\__pycache__\\imp.cpython-34.pyc'
import 'imp' # <_frozen_importlib.SourceFileLoader object at 0x02F64AB0>
# extension module loaded from 'C:\\Python34\\lib\\site-packages\\win32\\_win32sysloader.pyd'
# C:\Python34\lib\__pycache__\datetime.cpython-34.pyc matches C:\Python34\lib\datetime.py
# code object from 'C:\\Python34\\lib\\__pycache__\\datetime.cpython-34.pyc'
import 'datetime' # <_frozen_importlib.SourceFileLoader object at 0x02F70230>
import 'pywintypes' # <_frozen_importlib.SourceFileLoader object at 0x02F64950>
>>> import win32api
# extension module loaded from 'C:\\Python34\\lib\\site-packages\\win32\\win32api.pyd'
>>>