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$ cd /usr/local/src
$ sudo mkdir TARFILES
$ sudo chown -R dev .
$ cd TARFILES
$ wget http://python.org/ftp/python/2.7.3/Python-2.7.3.tgz
...
$ cd ..
$ tar xvfz TARFILES/Python-2.7.3.tgz 
$ cd Python-2.7.3
$ ./configure --help
$ make
...
Python build finished, but the necessary bits to build these modules were not found:
_curses            _curses_panel      _sqlite3        
_ssl               bsddb185           bz2             
dl                 gdbm               imageop         
readline           sunaudiodev                        
To find the necessary bits, look in setup.py in detect_modules() for the module's name.
...
$ sudo yum install openssl-devel readline-devel ImageMagick sqllite-devel \
  bzip2-devel gdbm-devel ncurses-devel curses-devel
$ ./configure --prefix=/usr/local/python27 --enable-shared --with-threads
$ make
clean
$ make $ sudo make install

# make sure it runs
$ cd /usr/local/python27/bin
$ ./python2.7

# Now, if you get errors about not being able to find libpython2.7.so.1.0,
# youadd probablythis needline to
create# a new file $ echo "/usr/local/python27/lib" >
# to the file /etc/ld.so.conf.d/python2.7.conf

# and then run:
$ sudo /sbin/ldconfig

# if you want to reinstall, you can remove the old install this way
$ rm -rf /usr/local/python27
# and the install it again