importerror - Why can't I import arcpy?

>>> import arcpy
Traceback (most recent call last):
  File "", line 1, in 
  File "C:\Python27\lib\arcpy\__init__.py", line 21, in 
    from arcpy.geoprocessing import gp
  File "C:\Python27\lib\arcpy\geoprocessing\__init__.py", line 14, in 
    from _base import *
  File "C:\Python27\lib\arcpy\geoprocessing\_base.py", line 14, in 
    import arcgisscripting

ImportError: DLL load failed: The specified module could not be found.

This is the error I get when i try to import arcpy. Any suggestions?