After surfing for quite sometime about Python light weight IDE, I came across this blurb on Stackoverflow.

If you are on Windows, then PyScripter is the best FREE choice out there. It’s a complete IDE with integrated debugger, and it’s a single executable, so no install hassles. It’s only 6-7 MB in size. It’s got support for remote debugging. Code completion is good, and cross referencing is provided by simply hovering the mouse over the symbol you want to know more about. It’s a well thought out project. Plus it’s FREE and in active development. The latest version supports Python 3.0 as well.

Try it out. It’s really good work, just like Python.

Update PyScripter’s option to this list: [Windows, CP, F, AC, PD, EM, SI, LN, CT, UT].

Tried a half-dozen others at least, and PyScripter is simply outstanding. You forgot the customizable hotkeys and code templates, and the fact that it’s built in a lower level language so it’s FAST. – John Pirie Jun 18 ‘09 at 10:12
Wow, that’s awesome (after view->themes->default, anyway ;) – Blorgbeard Jun 28 ‘09 at 21:48
For lightweight scripting on windows, PyScripter is just unmatched. – Victor Yan Jul 12 ‘09 at 1:45
Very nice, thanks! Makes debugging much easier for this Python newb! – Adam Neal Aug 6 ‘10 at 21:13
PyScripter is the only IDE that I find myself starting up as often as my text editor (Notepad++ or VIM) - for all of its power, it starts up fast.

After I have downloaded it and it has this wonderful support ctrl F7 executes the selection, the feature I have been searching for the last 15 days.

Now with this editor in place, I will go and work with the book, Dive in to Python