I had to install python 2.7 for an application where I did not want to change the default configuration of Python 2.4. That's why I choose to use vurtualenv.
virtualenv is a virtual python environment builder. pypi.python.org/pypi/virtualenv has detail information about virtualenv.
I configured my environment using the following steps:-
Download virtualenv
wget http://pypi.python.org/packages/source/v/virtualenv/virtualenv-1.8.4.tar.gz
Extract it
tar -zxvf virtualenv-1.8.4.tar.gz
Create virtual environment
I keep my default python 2.4 intact. I installed python 2.7 from source in /extra/python2.7 and use that library to create virtual environment.cd /root/virtualenv-1.8.4
/extra/python2.7/bin/python virtualenv.py /extra/app_python
cd app_python
ls -l
total 12
drwxr-xr-x 2 root root 4096 Dec 27 15:22 bin
drwxr-xr-x 2 root root 4096 Dec 27 15:22 include
drwxr-xr-x 3 root root 4096 Dec 27 15:22 lib
Activate this environment
[root@rumman app_python]# source bin/activate
(app_python)[root@rumman app_python]#
Now if I use python, it uses python 2.7.
(app_python)[root@rumman app_python]# python
Python 2.7.3 (default, Dec 27 2012, 12:28:28)
[GCC 4.1.2 20080704 (Red Hat 4.1.2-52)] on linux2
Type "help", "copyright", "credits" or "license" for more information.
>>>
Return to normal mode
(app_python)[root@rumman app_python]# deactivate
[root@rumman erp_python]#