Use Virtualenv.
There is more information here: Working with virtualenv.
Using virtualenv you can create a new virtual python environment with whatever version of Python you want for each project or application. You can then activate the appropriate environment when you need it.
To expand on my answer:
You can install multiple versions of Python on your computer (I have 2.4, 2.5, 2.6 and 3.1 on my machine - I install each from source). I use a Mac, and keep my system Python as whatever OS X sets as the default.
I use easy_install to install packages. On ubuntu you can get easy_install like this:
sudo apt-get install python-setuptools
To install virtualenv then do:
easy_install virtualenv
I tend to create a new virtualenv for each project I'm working on and don't give it access to the global site-packages. This keeps all the packages tight together and allows me to have the specific versions of everything I need.
virtualenv -p python2.6 --no-site-packages ~/env/NEW_DJANGO_PROJECT
And then whenever I am doing anything related to this project I activate it:
source ~/env/NEW_DJANGO_PROJECT/bin/activate
If I run python now it uses this new python. If I use easy_install it installs things into my new virtual environment.
So, virtualenv should be able to solve all of your problems.
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