Installing PyPy alongside Python 2.7 on Windows?

[Ben Sizer]

I'd like to evaluate the recent build of PyPy on the project I'm
currently working on, but am not sure how best to go about it. So my
question is simply - how would I go about installing PyPy alongside
Python 2.7 on Windows? In particular, unzipping PyPy and adding it to
the PATH is easy enough, but what about getting setuptools and
easy_setup working to install various packages for it? Is there a
virtualenv-based method I can use here? (And is pip a decent
replacement for setuptools on Windows yet?)

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Ben Sizer