Sometimes installing bittorrent can be pretty frustrating. I experienced this problem in a very dependent way. Just running the .deb file was not sufficient prior to this, you will need to install lot of dependencies. Let me take you step by step:

1) Install python:
apt-get install python2.4 python-wxgtk2.4 python-twisted

2) Install zope(zope.org)
apt-get install zope2.9

3) Install wxgtk if not installed
apt-get install python-wxgtk2.6

4) Install bittorrent
dpkg -i /home/test/Desktop/bittorrent_4.26.3_python2.4.deb

Your done. Run bittorrent from command prompt