1. Install MySql normally
2. Download MySQL-python-1.2.2 from sourceforge
3. export PATH=/usr/local/mysql-5.1.26-rc-osx10.5-x86/bin:$PATH
4. Edit _mysql.c

           /* #ifndef uint */
           /* #define uint unsigned int */
           /* #endif */
         

5. python setup.py build
6. sudo python setup.py install

Credit where credits due:
Setting the env
Modifying the source