Hi, 
let me hook on to the same discussion since I have a similar problem.

I am running Windows version of OpenERP 7.0-20140124-002431.
My Python version is 2.7.6

2014-03-05 04:26:41,671 10412 INFO ? openerp: OpenERP version 7.0-20140124-002431
2014-03-05 04:26:41,671 10412 INFO ? openerp: addons paths: C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons,C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\openerp-connector,C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\e-commerce-addons,C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\openerp-connector-ecommerce,C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\openerp-product-attributes,C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\sale-wkfl,C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\openerp-connector-magento
2014-03-05 04:26:41,671 10412 INFO ? openerp: database hostname: localhost
2014-03-05 04:26:41,671 10412 INFO ? openerp: database port: 5432
2014-03-05 04:26:41,671 10412 INFO ? openerp: database user: openpg
2014-03-05 04:26:43,451 10412 INFO ? openerp.addons.google_docs.google_docs: GData lib version `%s GData-Python/2.0.17` detected
2014-03-05 04:26:45,559 10412 CRITICAL ? openerp.modules.module: Couldn't load module web
2014-03-05 04:26:45,559 10412 CRITICAL ? openerp.modules.module: No module named Queue
2014-03-05 04:26:45,561 10412 ERROR ? openerp.service: Failed to load server-wide module `web`.
The `web` module is provided by the addons found in the `openerp-web` project.
Maybe you forgot to add those addons in your addons_path configuration.
Traceback (most recent call last):
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\.\openerp\service\__init__.py", line 60, in load_server_wide_modules
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\.\openerp\modules\module.py", line 415, in load_openerp_module
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\web\http.py", line 628, in wsgi_postload
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\web\http.py", line 517, in __init__
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\web\http.py", line 580, in load_addons
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\.\openerp\modules\module.py", line 133, in load_module
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\openerp-connector-magento\magentoerpconnect\__init__.py", line 3, in <module>
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\openerp-connector-magento\magentoerpconnect\connector.py", line 23, in <module>
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\.\openerp\modules\module.py", line 133, in load_module
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\openerp-connector\connector\__init__.py", line 4, in <module>
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\openerp-connector\connector\queue\__init__.py", line 22, in <module>
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\openerp-connector\connector\queue\model.py", line 31, in <module>
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\openerp-connector\connector\queue\worker.py", line 36, in <module>
  File "C:\Program Files (x86)\OpenERP 7.0-20140124-002431\Server\server\openerp\addons\openerp-connector\connector\queue\queue.py", line 22, in <module>
ImportError: No module named Queue
2014-03-05 04:26:45,589 10412 INFO ? openerp: OpenERP server is running, waiting for connections...
2014-03-05 04:26:46,454 10412 INFO ? openerp.service.wsgi_server: HTTP service (werkzeug) running on 0.0.0.0:8069


I am trying to install the Magento connector and I faced this issue.
Please advice.