We've been very happy with Ghost Installer from ginstall.com --> the free version works great!
Jeff Grimmett wrote:
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Inno Setup Compiler is also an excellent choice to make a Win installer -
Inno Setup.If someone is a Pythonista and shows interest, it's child's play to extract
the source out of a py2exe package. All you need is Winzip (mind you, it's
compiled .pyc or .pyo but it can still be discerned).