Hey all, got the solution...
Thanks for the help :) :)
Just needed to from 
C:\Python26>Python hello.py
Its working fine...


________________________________
From: Neha P <mywr...@yahoo.com>
To: "tutor@python.org" <tutor@python.org>
Sent: Thursday, May 19, 2011 4:14 PM
Subject: [Tutor] Error in executing 'Python Filename.py'.


C:\>python hello.py

'python' is not recognized as an internal or external command,
operable program or batch file.

C:\>cd python26

C:\Python26>python
Python 2.6.4 (r264:75708, Oct 26 2009, 08:23:19) [MSC v.1500 32 bit (Intel)] on
win32
Type "help", "copyright", "credits" or "license" for more information.
>>> python hello.py
  File "<stdin>", line 1
    python hello.py
               ^
SyntaxError: invalid syntax
>>> python
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
NameError: name 'python' is not defined
>>>

Above is the snapshot of the error.
M running Windows 7 Home Premium, OS: NT
Have  ;C:\Python26 added to the PATH variable , still unable to execute any 
file :( same error.

Please help!! Thanks in advance..



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