I have a working Python 2.6 install and just installed the PyQt4 built for Python 2.6 (available at http://www.riverbankcomputing.co.uk/software/pyqt/download). When I try to import PyQt4.QtGui I get the following error:
ImportError: DLL load failed: The specified procedure could not be found.
Add the the PyQt4 directory containing Qt's applications and DLLs to your
PATH environment variable. In PowerShell, provided you didn't change any of your install paths, that'd be
$env:path += ';C:\Python26\Lib\site-packages\PyQt4\bin'