python2.2 setup.py install --prefix=/usr/local

Python versions earlier than 2.2 will not work.

You can use prefix=/usr if you are very sure about it (and if you are root). Usually, no --prefix argument installs on /usr

You can also use "python2.2 setup.py dist" to generate a pretty tarball.

More info at http://www.python.org/doc/current/inst/inst.html
