I am using IronPython studio to create IronPython scripts and convert them into executables. When converted to executables, it creates a Main exe and two dlls (IronMath.dll and IronPython.dll). Is it possible to create the executables without IronPython studio. I tried PYC downloaded from codeplex.com. It creates an exe and a dll with the same name as that of the exe (say main.exe and main.dll). But I need an exe and two dlls (similar to what is created by the IronPython studio). So that I can use other IronPython exes without any separate dlls (these 2 dlls would be enough for any FePy exe).
I maybe don't understand the question well but copying IronMath.dll and IronPython.dll to the folder with main.exe and main.dll should work for Ironpython 1.x. These .dlls are different for IronPython 2.x.
Edit: Well, I tried PYC with IP 1.1 and it does not work. That means you have to use it with at least IP 2.0.2 (it is located in Samples\pyc folder). For simple script 'print 'hello' you need to ship (along with hello.dll and hello.exe).

IronPython.dll
Microsoft.Scripting.Core.dll
Microsoft.Scripting.dll
Microsoft.Scripting.ExtensionAttribute.dll

For more complicated script you will probably need IronPython.Modules.dll as well.
Generating EXE out of IronPython script