Here is a simple way tutorial to install Python with mod_wsgi in CentOS 5.6 cPanel.
First we need to know what is mod_wsgi. It is an Apache module that can host any Python application and support the Python WSGI interface. This module also suitable to use in high hosting performance website.
Python is a programming language that work more quickly and integrate systems more effectively with a lower maintenance costs.
first of all Create Python directory with

#mkdir /usr/src/python2.7
#cd /usr/src/python2.7

After that install SQLite through these commands

#cd /root
#wget http://www.sqlite.org/sqlite-autoconf-3070701.tar.gz
#tar zxvf sqlite-autoconf-3070701.tar.gz
#cd sqlite-autoconf-3070701
#./configure
#make && make install

Then Install Python 2.7 through this don’t install it through repository, as repository provides old version.

#cd /usr/src/python2.7
#wget http://www.python.org/ftp/python/2.7.2/Python-2.7.2.tgz
#tar zxvf Python-2.7.2.tgz
#cd Python-2.7.2
#./configure --prefix=/opt/python2.7 --with-threads --enable-shared
#make && make install

Now Create a symbolic link to alternate Python 2.7

#ln -s /opt/python2.7/bin/python /usr/bin/python2.7
#echo '/opt/python2.7/lib'>> /etc/ld.so.conf.d/opt-python2.7.conf
#ldconfig

Python New Version is verified through this command.

#/usr/bin/python2.7

The result will be as shown below :

Python 2.7.2 (default, Sep  3 2011, 18:28:42)[GCC 4.1.2 20080704 (Red Hat 4.1.2-50)] on linux2

Press control + D to exit from here.

Next step is installation of Python setup-tools. Which is achieved though these commands.

#cd /usr/src/python2.7
#wget http://pypi.python.org/packages/2.7/s/setuptools/setuptools-0.6c11-py2.7.egg
#sh setuptools-0.6c11-py2.7.egg --prefix=/opt/python2.7

Install Virtualenv to Python 2.7

#cd /opt/python2.7/bin
#./easy_install virtualenv

Install mod_wsgi

#cd /opt/python2.7/lib/python2.7/config/
#ln -s ../../libpython2.7.so
#cd /usr/src/python2.7/
#wget http://modwsgi.googlecode.com/files/mod_wsgi-3.3.tar.gz
#tar zxvf mod_wsgi-3.3.tar.gz
#cd mod_wsgi-3.3
#./configure --with-python=/opt/python2.7/bin/python
#make && make install

Next we need to avoid cPanel easy_apache to clear up /usr/local/apache/modules folder

#mkdir /usr/local/apache/extramodules
#mv /usr/local/apache/modules/mod_wsgi.so /usr/local/apache/extramodules/

Added mod_wsgi configrations in Apache configuration file.

#nano /usr/local/apache/conf/includes/pre_virtualhost_global.conf

Insert two line shown below:

LoadModule wsgi_module /usr/local/apache/extramodules/mod_wsgi.so
AddHandler wsgi-script .wsgi

Apache Services is restart though following command.

#/scripts/restartsrv httpd

Done now your cPanel already work with python 2.7 and mod_wsgi

Python script script testing method is elaborated bellow.

#cd /home/testing/htdocs/     [Change it to your Website VHOST path]
#nano test.wsgi

def application(environ, start_response):
"""Simplest possible application object"""
output = "Hello World"
status = '200 OK'
response_headers = [('Content-type', 'text/plain'),
('Content-Length', str(len(output)))]
start_response(status, response_headers)
return [output]