Yeah, you make it executable by doing chmod +x FILENAME.py. Make sure you include the shabang (#! /usr/bin/env python) on the first line of the file.
Now, if you're looking to do "binaries" you can use py2exe for windows apps but there's really no need to this for Linux. Also, keep in mind when you create a binaries package you automatically make it altogether 2.5mb even for a "Hello World" program.
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