Thanks much for your great response.
Yes, I'm using py2exe 0.6.2 with the patches.
Your app.exe runs fine on my system, but I still could not build one that runs.
After a long comparison of your build log with mine, I finally
decided to just start re-installing modules.
The problem turned out to be something with pywin32.
I installed  pywin32 build 204 and now the problem sample runs.

However, now there is a new problem. My real program also imports
win32pipe, which I had not put into the sample app.
If I add 'from win32pipe import *' to app.py, I know get the
run-time error message:

Traceback (most recent call last):
  File "app.py", line 6, in ?
  File "zipextimporter.pyc", line 91, in load_module
RuntimeError: Could not determine the module base path!?


Any ideas on this new error?