Python uses LoadLibraryEx with the LOAD_WITH_ALTERED_SEARCH_PATH flag which means that DLLs used by the extension will be searched IN THE EXTENSION FOLDER and not on PATH. Try putting msvcp80.dll right next to your extension DLL. It is a little strange that it is not loaded directly from the Windows side by side folder (%WINDIR%\WinSxS). You should check if the manifest is embedded correctly inside the DLL. And like Martin said, mixing Python and extensions compiled with different compilers is a bad idea.
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