Does Python code >.require<< a run-time environment?? (New to Python)

[Dave Williams]

I am new to Python... and I was wondering... Does Python code compile
to any form of .exe file, or do you require a run-time interpreter? 
If the second is the case, how do you distribute applications??  Is
it a light-weight run-time (small space, easy to include)... and do
the end-users have to go through alot of steps to get to run it??

I like the language... but one reason why I'm looking at something
-other- than Java is that I am kinda needing an .exe -type
capability...

~Dave

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