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I try to compile Pyhton 3.3a4 on a OS X 10.7 with XCode 4.3.3 and it fails. I tried a few configuration options, but even with a basic "./configure && make", I get this:
./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(11771) 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
I tried setting PYTHONHOME to `pwd`, to no avail. Am I doing something wrong? The same thing happens with v3.3a3. If I go back to v3.2.3, it compiles fine on the same system. I also tried on the repo's tip, same error.

There is a bug in the version of GCC that's shipped with Xcode.
Try building using clang:
configure ... CC=clang CXX=clang++

This is a duplicate of #13241
We (and in particular Ned Deily are working on a change to the build process that would fix this, and will make it possible to build extensions on OSX regardless of which Xcode variant you use and which variant was used to build the python binaries.