I found that the formal way to do this is as follows:
Just install two (or more, using their installers) versions of Python on Windows 7 (for me work with 3.3 and 2.7).
Follow the instuctions below, changing the parameters for your needs.
Create the following environment variable (to default on double click):
Name: PY_PYTHON
Value: 3
To launch a script in a particular interpreter, add the following shebang (beginning of script):
#! python2
To execute a script using a specific interpreter, use the following prompt command:
> py -2 MyScript.py
To launch a specific interpreter:
> py -2
To launch the default interpreter (defined by the PY_PYTHON variable):
> py
Resources
Documentation: Using Python on Windows
PEP 397 - Python launcher for Windows
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