Under the Build menu, I can see \'Execute\' option, but it is greyed out.
The only option available is \'Set Includes and Arguments\'. When I click that both fields
I had the same problem and found the following solution:
In the 'Build Options' dialogue, click on '_Execute' at the bottom of the dialogue and the _execute options become editable.
I put the full path name to my Python install in there (C:\Python27\python %F) or (C:\Python32\python %F) and it seems to work just fine.