I currently work with .NET exclusively and would like to have a go at python. To this end I need to set up a python development environment. I guide to this would be handy.
Well, if you're thinking of setting up an Ubuntu VM anyway, you might as well make that your development environment. Then you can install Apache and MySQL or Postgres on that VM just via the standard packaging tools (apt-get install), and there's no danger of polluting your Windows environment.
You can either do the actual development on your Windows machine via your favourite IDE, using the VM as a networked drive and saving the code there, or you can just use the VM as a full desktop environment and do everything there, which is what I would recommend.