bjam is used to compile boost itself (although you can use it as a configuration tool for your code). Running the utility should compile the library and does not require any further work, afaik. The inclusion paths and libraries that you indicated in your second post are correct, as far as I can tell (assuming that the path to the directories you specified is correct, for example: C: \ Python27 \ include).
While I was playing with boost.python, I found out that I was unable to compile the C ++ / Python libraries with the 64-bit version of Python installed. First I had to remove the 64-bit version and install the 32-bit version.
Also, compilation was successful only if I included #define BOOST_PYTHON_STATIC_LIB before the #include statements. I still do not understand why.
Hope my answer (my first on this site, so not too rude with me;)) was helpful.
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