I am not sure I understand what you want to do.
If you name your app init, it will be the default app in web2py.
If you unzip web2py binary, run it, create the init app, and re-zip
it, this is as close as it gets to create an executable. The
executable is web2py, not your app, but your app comes with it and
starts when web2py starts.
You can also install your "init" app bytecode compiled so that you do
not give away the source code.
Massimo