Several people are noticing this issue on Stackoverflow, e.g.:
They are getting the error message "ImportError: DLL load failed: %1 is not a valid Win32 application." (A couple of those links have tracebacks)
The problem seems to be related to people using 64-bit Windows, although none of the questions/answers are quite clear about what the issue/solution is. Perhaps they are getting a version mismatch between the EXE and some DLLs it loads?