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At a shell prompt (in a terminal), run
sudo apt-get install build-essential
This will fetch all the common packages you need to build anything (e.g. the compiler etc.).
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Then run
sudo apt-get build-dep python2.7
This will fetch all the libraries you need to build python.
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Then download the source code for python and decompress it into a directory.
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go there and run
./configure --prefix=/path/where/you/want/python/installed
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Then
make
and thenmake install
to get it built and installed:make && make install
If you hit snags on the way, ask back here and I’ll try to offer some guidance.