What helped me (adjust the file and file names according to your installation):
I created a copy of the Django-1.3-py2.7.egg-info file from C:\Python27\Lib\site-packages\ in the same folder with the * .egg extender.
Then in the Eclipse dialog box
Window -> Preferences -> PyDev -> Interpreter-Python
I used buton New Egg / Zip (s) to add this newly created file to the System PYTHONPATH list.
So Eclipse found Django.
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