It is definitely possible.  For linking with the Python Runtime library, you'll need a mingw compatible libpython25.a file. Since the Python you've installed is compiled using MSVC, it will have only the MSVC .lib library file. So you need to create your own libpython25.a file and link to it, and it would work. Look at the step 2 here: http://sebsauvage.net/python/mingw.html to see how to make your own .a file. The page is slightly outdated, but the procedure remains the same. Just make the required changes in the file names.

Hope this helps.