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Python doesn't really support cross compilation. I've created a patch for Python 2.7.3 which compiles nearly all of Python (except a couple modules). Patches for Python 3 are also included, but I didn't have anything to do with them.
My patch allows for cross compilation as well as the building of modules.
The only issue I'm aware of is that the ELFCLASS of the modules that are to be built must be the same. This is because python uses sys.platform to determine which folder to generate the modules in, and so the sys.platform is always that of the host system. When generating the modules, we should probably generate them twice, once for the host system (using sys.platform), and once for the cross-compiled system (using the cross-compiled system's sys.platform).
The patches can be found here:
http://randomsplat.com/id5-cross-compiling-python-for-embedded-linux.html
Given the rise of embedded systems, it's a big drawback that cross compiling Python is so difficult.

This is 3.4 material.
Could you possibly work with us to properly integrate in 3.4?.

See also:
http://bugs.python.org/issue3754
 cross-compilation support for python build
http://bugs.python.org/issue1006238
 cross compile patch
http://bugs.python.org/issue1597850
 Cross compiling patches for MINGW (superseder of http://bugs.python.org/issue1339673, cross compile and mingw support)
http://bugs.python.org/issue3871
 cross and native build of python for mingw32 with distutils
http://bugs.python.org/issue3718
 environment variable MACHDEP and python build system
http://bugs.python.org/issue10782
 Not possible to cross-compile due to poor detection of %lld support in printf

now closing/rejecting this issue. See
http://mail.python.org/pipermail/python-dev/2013-January/123774.html
for the discussion.