Read up on the Python Launcher for Windows in the docs, which was initially described in PEP 397. It lets
you define custom shebang configurations in “py.ini” (e.g. to use pypy),
and out of the box you can use virtual shebangs such as #!/usr/bin/env python3, or shebangs with real paths such as #!"C:\Python33\python.exe". (Quoting is required for paths containing spaces.) You can also add command-line options to a shebang. For example, the following shebang adds the option to enter interactive mode after the script terminates: #!/usr/bin/python3 -i.
The installer associates .py (console) and .pyw (GUI) script file types with the respectively named launchers, py.exe and pyw.exe, in order to enable shebang support for scripts in Windows. For an all-users installation, the launchers are installed to the Windows folder (i.e. %SystemRoot%). For a per-user installation, you may need to manually add the installation directory to PATH in order to use py.exe in the shell (*). Then from the command line you can run Python via py -2, py -3, py -2.6, py -3.3-32 (32-bit), and so on. The launcher is handy when combined with -m to run a module as a script using a particular version of the interpreter, e.g. py -3 -m pip install.
(*) The new installer in 3.5+ defaults to “%LocalAppData%\Programs\Python\Launcher” for a per-user installation of the launcher, instead of installing it beside “python.exe”, and it automatically adds this directory to PATH.