I've been trying to install PyQt 4.7 on Vista, but I am getting an ImportError when I try to do: from PyQt4 import QtCore, QtGui. 

ImportError: DLL load failed: The specified module could not be found.

I've checked my System Path, and C:\Python31\Lib\site-packages\PyQt4\bin is on there.
I can't run any of the examples, but the Designer, Assistant and Linguist run fine.
I am using ActivePython 3.1, if that makes any difference. And I haven't had any previous version of PyQt installed.

Edit:
I've copied the QtCore4 and GtGui4 dlls to C:\Python31\Lib\site-packages\PyQt4. That fixes some of the examples, but I still can't use the example browser.
PyQt installation also depends on the version of python installed on your platform.Python3.+ is incompatible with Python version < 3.x.
I was facing the same problem as I have Python 2.7 installed on my machine but I downloaded the latest binary which was PyQt-Py3.2-x86-gpl-4.9.exe. If you see here the binary has python version also mentioned in name after PyQt which is Py3.2. I uninstalled PyQt and installed PyQt-Py2.7-x86-gpl-4.9.exe which points to Python 2.7 and it fixed the problem.
Probably they could have mentioned the naming convention online or in some documentation to be more simpler.
PyQt 4.7 - ImportError after installing on Windows