This is how i setup my Eclipse IDE for Python Devlopment

step. 1
First downloaded the Eclipse CDT (C/C++ Development) because it is the smallest amoung all. ;)
from : http://www.eclipse.org/downloads/
unpacked eclipse files to my local directory.

Step 2.
downloaded PyDev packages from Sourceforge.
http://sourceforge.net/projects/pydev/files/
unpacked all files to the eclipse/dropins directory

started the eclipse.

Note: first time you may have to specify your python interpreter location.
goto Window -> Preferences -> PyDev ->Interpretor Python
Press "New" button to add interpreter information.