How do i add Python Libraries and extend the Pyton support on TestComplete with Python 3.0 (TC11.31)

It is not a CodecRegistryError, but SyntaxError.

Looks like you have Python 27 installed on your machine. That can cause a conflict.

First of all I suggest to install Python 34 the latest official Python 3 package instead of 27. Then install required package. 

Finally you should be able to use this code in your TC scripts:

from os import sys
sys.path.insert(0, '%PATH_TO_PYTHON_DIRECTORY%\Lib\site-packages')

import yourModuleName