What does the Python version line mean?

That line you see indicates how the python interpreter was built. Breaking it down:

Python 2.7                        -- Python version
(r27:82525, Jul 4 2010, 07:43:08) -- The build date and revision from src trunk 
                                     that was used to build this.
[MSC v.1500 64 bit (AMD64)]       -- Compiled with MSVC compiler targeting 64-bit
on win32                          -- All Windows platforms (64- and 32-bit)

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