Don't.

If you still want to, here's my terse step by step guide. I only know that this works in Snow Leopard on my mac. It might not work for you.
1) Get python 2.6 from http://www.python.org/ftp/python/2.5.6/Python-2.5.6.tgz
2) Compile it, using configure_python.sh in this directory. It expects to be placed one directory up from python, simply because I compiled everything from ~/python_compile/
3) export PATH=/Library/Frameworks/Python.framework/Versions/2.6/bin/:$PATH for both you and root. Confirm with `which python`
4) sudo su; easy_install pygame; easy_install py2app
5) Get the QT library from http://qt.nokia.com/downloads/qt-for-open-source-cpp-development-on-mac-os-x/. Do not even consider
    trying to compile this whore of a library yourself, it's not worth it. Get the precompiled for your system. Install it.
6) Get SIP from http://www.riverbankcomputing.co.uk/software/sip/download and compile it, making sure to use configure_sip.sh.
7) Get PyQt4 from http://www.riverbankcomputing.co.uk/software/pyqt/download and compile it, also with my configure script (configure_pyqt4.sh). This will take ages.
8) ./py2app.sh and wait for it to build everything and make itself into a purdy DMG
9) Rejoice that you didn't have to spend two weeks compiling hundreds of versions of all things mentioned here, including an entire day simply waiting for QT to compile by
    itself on the offchance that this would make it work.

If you want to make a nicer looking dmg file, play with dmg_background.png

~Lex
