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I can build Python 2.6 to 3.2 on MacOS 10.7 with XCode 4.3.2 using solely:
 ./configure
 make
But if I do this with Python 3.3 alpha 3 I get the following error:
 gcc -framework CoreFoundation -o python.exe Modules/python.o libpython3.3m.a -ldl -framework CoreFoundation 
 ./python.exe -SE -m sysconfig --generate-posix-vars
 Could not find platform dependent libraries <exec_prefix>
 Consider setting $PYTHONHOME to <prefix>[:<exec_prefix>]
 python.exe(92825) malloc: *** mmap(size=7310873954244194304) failed (error code=12)
 *** error: can't allocate region
 *** set a breakpoint in malloc_error_break to debug
 Could not import runpy module
 make: *** [Lib/_sysconfigdata.py] Segmentation fault: 11
The full log is attached.

Hello Thomas,
I presume your gcc is Apple's llvm-gcc (gcc --version output starts with "i686-apple-darwin11-llvm-gcc-4.2"), which is unfortunately a known to miscompile Python 3.3.
If you want to compile the latest Python 3.3 on OS X, use clang ("CC=clang ./configure" or "./configure CC=clang") which is also part of Apple's dev tools and works fine.

Thanks for the quick reply - wouldn't it make sense to add a directive to the configure script so that if the compiler matches 'i686-apple-darwin11-llvm-gcc-4.2', clang is used instead?

Have a look at issue13241 which is dedicated to this problem, especially at msg160081.