Psyco is a Python extension module which can greatly speed up the execution of any Python code.

Psyco is basically a Just In time compiler or a JIT, but as of March 10, 2010 it doesnt work on 64 bit systems. If you recently bought a mac then your OS is 64 bits.You used to have to recompile python to the 32 bit ver.

Well no more just run this
defaults write com.apple.versioner.python Prefer-32-Bit -bool yes