I tried that, this is the error message now:
Python 2.7.3 (default, Apr 10 2012, 23:31:26)
Type "electrum -help" for a list of available commands.
(Full documentation at
https://en.bitcoin.it/wiki/Electrum)
---
05/09/2012 10:24:22.23> python (electrum)
Traceback (most recent call last):
File "(electrum)", line 23, in <module>
from electrum.util import print_error
File "C:\Users\Sovereign 108\AppData\Roaming\Electrum_SysFiles\1.01-e2\C_\Ele
ctrumPY\electrum\__init__.py", line 1, in <module>
from wallet import Wallet, format_satoshis, prompt_password
File "C:\Users\Sovereign 108\AppData\Roaming\Electrum_SysFiles\1.01-e2\C_\Ele
ctrumPY\electrum\wallet.py", line 267, in <module>
from interface import DEFAULT_SERVERS
File "C:\Users\Sovereign 108\AppData\Roaming\Electrum_SysFiles\1.01-e2\C_\Ele
ctrumPY\electrum\interface.py", line 20, in <module>
import random, socket, ast, re
File "C:\Csvn\Python25\lib\socket.py", line 47, in <module>
import _socket
ImportError: DLL load failed: %1 is not a valid Win32 application.
05/09/2012 10:24:40.73> "python (electrum)"
'"python (electrum)"' is not recognized as an internal or external command,
operable program or batch file.
05/09/2012 10:24:53.19>
This is the error message I am now getting

Python 2.7.3 (default, Apr 10 2012, 23:31:26)
Type "electrum -help" for a list of available commands.
(Full documentation at
https://en.bitcoin.it/wiki/Electrum)
---
05/09/2012 10:12:48.15> e
C:\Users\Sovereign 108\AppData\Roaming\Electrum_SysFiles\1.01-e2\C_\Python27\py
thon.exe: can't find '__main__' module in 'electrum'
05/09/2012 10:12:54.54>
Hmmm... What if you type "python (electrum)" instead of "e"?