Finally i could able to find a solution.
I am posting the solution so someone in the same situation might be helpful.
In order to make win32 module to work from central location we need to run a script on every client.
1. Install python with python pywin32 on a network drive. say we installed it on a central location "\\server\python26" were everyone has access to this path.
2. On every client run "\\server\Python26\python.exe \\server\Python26\Scripts\pywin32_postinstall.py -install"
3. Thats it all done.
It worked perfectly for me.