See the built-in applications/libraries (http://www.portablepython.com/wiki/PortablePython1.1Py2.6.1). I do Django 1.1.0 anywhere. Even on a fresh installed WindowsXP. Or even without manipulating the Path on Environment Variables. It works for me even Django Project is on separate drive.
More Info:
1. Using Batch command
2. Unix-like Absolute Path