error: Python was built with Visual Studio 2003; extensions must be built with a compiler than can generate compatible binaries. Visual Studio 2003 was not found on this system. If you have Cygwin installed, you can try compiling with MingW32, by passing "-c mingw32" to setup.py.
Now, I do not have Visual Studio 2003, but I do have mingw32. (Grab cygwin and when selecting packages, make sure than mingw-runtime and gcc are selected.) Now, back with our setup.py file, execute:
python setup.py build_ext --compiler=mingw32 install
Hopefully that should solve any issues.