I just downloaded the original Python interpreter from Python's site. I just want to learn this language but to start with, I want to write Windows-based standalone applications that are powered by any RDBMS. I want to bundle it like any typical Windows setup.
I searched old posts on SO and found guys suggesting wxPython and py2exe. Apart from that few suggested IronPython since it is powered by .NET.
I want to know whether IronPython is a pure variant of Python or a modified variant. Secondly, what is the actual use of Python? Is it for PHP like thing or like C# (you can either program Windows-based app. or Web.).
IronPython isn't a variant of Python, it is Python. It's an implementation of the Python language based on the .NET framework. So, yes, it is pure Python.
IronPython is caught up to CPython (the implementation you're probably used to) 2.6, so some of the features/changes seen in Python 2.7 or 3.x will not be present in IronPython. Also, the standard library is a bit different (but what you lose is replaced by all that .NET has to offer).
The primary application of IronPython is to script .NET applications written in C# etc., but it can also be used as a standalone. IronPython can also be used to write web applications using the SilverLight framework.
If you need access to .NET features, use IronPython. If you're just trying to make a Windows executable, use py2exe.
Update
For writing basic RDBMS apps, just use CPython (original Python), it's more extensible and faster. Then, you can use a number of tools to make it stand alone on a Windows PC. For now, though, just worry about learning Python (those skills will mostly carry over to IronPython if you choose to switch) and writing your application.
Is IronPython a 100% pure Python variant?