Putting libpandabullet.pdy in lib/site-packages of the Python version which comes with Panda3D should work. However, a better places would be Panda3D’s ./bin directory. This is where the library will be once it is added to Panda3D’s codebase. You will see a lot of libpanda***.dll files there already.
Next questions: What version of Panda3D are you using? What OS are you using (assuming it is Windows - XP, Vista, 2003, 7, …) and is it 32bit or 64bit?
VC is short for Visual C, but if you have Studio 2008 installed I assume the VC runtime is ok. If not this would be a reason for compiling yourself.