I installed the 32bit version and am still getting:
PythonWin 2.7 (r27:82525, Jul 4 2010, 09:01:59) [MSC v.1500 32 bit (Intel)] on win32.
Portions Copyright 1994-2008 Mark Hammond - see 'Help/About PythonWin' for further copyright information.
>>> import arcpy
Traceback (most recent call last):
File "<interactive input>", line 1, in <module>
ImportError: No module named arcpy
>>>