So I have read this - https://wiki.archlinux.org/index.php/Python
And it is clear from this wiki that I can install Python 2.7.2 via
pacman -S pytho
I just stumbled over this post, no necro-bumping intended but I was wondering nobody mentioned virtualenvs. I'm using ArchLinux as well and I use the python packages virtualenv and virtualenvwrapper to create multiple python environments. You can reference to the python 2 or python3 binaries in /usr/bin/ to determine the python version used in the virtual environment.
The benefit is that packages installed in a virtual environment don't mess with the python the system is using and there are many ways to automate project handling.