Yes it is possible. But you may need to add referees to the DLLs that your application needs. Check out the bottom of http://www.py2exe.org/index.cgi/WorkingWithVariousPackagesAndModules . It contains useful resources for building Python applications using win32com.
Also, if you use typelibs, make sure that the version is the same for all versions of Windows that you want to deploy. Otherwise, your application may crash.
source share