How to install Python environment in my own account on Dreamhost?

How to install Python environment in my own account on Dreamhost so that my application can use the python that I installed by myself instead of the system-wide one?

The post for Bluehost works very well for Dreamhost too:

https://my.bluehost.com/cgi/help/python-install

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In short:

mkdir ~/python

cd ~/python

wget http://www.python.org/ftp/python/2.7.2/Python-2.7.2.tgz

tar zxfv Python-2.7.2.tgz

find ~/python -type d | xargs chmod 0755

cd Python-2.7.2
./configure --prefix=$HOME/python

make

make install

echo "export PATH=$HOME/python/Python-2.7.2/:$PATH" >> ~/.vimrc

source ~/.bashrc