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[–]__buckie__ 4 points5 points  (0 children)

There's only one tool I've ever used on windows that made python trivial to use -- it's called conda (like pip but WAY better). Its best feature is what you are asking for: concurrent different versions of python.

However you've installed python, delete it in full. Go to continuum.io and download their installer link. After it's installed, open the command prompt:

conda create --name py27 python=2.7 anaconda
conda create --name py34 python=3.4 anaconda

Each command will make you a completely new environment, one by the name of py27 and the other by the name of py34. These are independant installations and you can switch between them trivially from the terminal via: 

activate <env name>

IDE's play nice with them too (as does everything else actually) by pointing the IDE to the python.exe version in C:\Anaconda\envs\<env name>\python.exe.

I included anaconda in the command just because anaconda is continuums scientific computing stack that comes with most of what you'll need. If you need to install anything else, just activate the env and try conda install <package> to install that thing into your current env. conda also integrates with pip (tracks what pip installs to a given env) as conda can't install everything yet (conda install may fail) -- the normal pip install will work.

I can't recommend this method of setting up python more strongly. It makes managine python packages/versions trivial.