Yes. Easiest way is to install same ver of python as in maya, same bitness, install win32 for that, then point mayas pythonpath to that pythons site packages (in case of win32 you may need a few of the subfolders).
Bonus you can now easy_instal python packages for maya.
Ps: you dont need to install python, its just easier that way. You can also register win32 manually, or uninstall python 26 after installing it. But no reason for you to have several pythons, i have 6 different versions on my primary windows box