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Simply running './python -X faulthandler' in the source directory gives me this:
% ./python -X faulthandler
Fatal Python error: Py_Initialize: can't initialize faulthandler
SystemError: null argument to internal routine
[1] 25118 abort (core dumped) ./python -X faulthandler
% gdb ./python core
Core was generated by `./python -X faulthandler'.
Program terminated with signal 6, Aborted.
#0 0x00007f52d7ff9475 in *__GI_raise (sig=<optimized out>)
 at ../nptl/sysdeps/unix/sysv/linux/raise.c:64
64	../nptl/sysdeps/unix/sysv/linux/raise.c: No such file or directory.
(gdb) bt
#0 0x00007f52d7ff9475 in *__GI_raise (sig=<optimized out>)
 at ../nptl/sysdeps/unix/sysv/linux/raise.c:64
#1 0x00007f52d7ffc6f0 in *__GI_abort () at abort.c:92
#2 0x00000000004bc984 in Py_FatalError (msg=0x5b3750 "Py_Initialize: can't initialize faulthandler")
 at Python/pythonrun.c:2283
#3 0x00000000004b85ed in Py_InitializeEx (install_sigs=1) at Python/pythonrun.c:361
#4 0x00000000004b86ea in Py_Initialize () at Python/pythonrun.c:398
#5 0x00000000004d55a6 in Py_Main (argc=3, argv=0x1b8f010) at Modules/main.c:624
#6 0x000000000041b120 in main (argc=3, argv=0x7fffc1ebb558) at ./Modules/python.c:65
(gdb) 
#0 0x00007f52d7ff9475 in *__GI_raise (sig=<optimized out>)
 at ../nptl/sysdeps/unix/sysv/linux/raise.c:64
#1 0x00007f52d7ffc6f0 in *__GI_abort () at abort.c:92
#2 0x00000000004bc984 in Py_FatalError (msg=0x5b3750 "Py_Initialize: can't initialize faulthandler")
 at Python/pythonrun.c:2283
#3 0x00000000004b85ed in Py_InitializeEx (install_sigs=1) at Python/pythonrun.c:361
#4 0x00000000004b86ea in Py_Initialize () at Python/pythonrun.c:398
#5 0x00000000004d55a6 in Py_Main (argc=3, argv=0x1b8f010) at Modules/main.c:624
#6 0x000000000041b120 in main (argc=3, argv=0x7fffc1ebb558) at ./Modules/python.c:65

Here is a patch:
$ hg di
diff --git a/Python/pythonrun.c b/Python/pythonrun.c
--- a/Python/pythonrun.c
+++ b/Python/pythonrun.c
@@ -356,15 +356,15 @@ Py_InitializeEx(int install_sigs)
 
 _PyImportHooks_Init();
 
- /* initialize the faulthandler module */
- if (_PyFaulthandler_Init())
- Py_FatalError("Py_Initialize: can't initialize faulthandler");
-
 /* Initialize _warnings. */
 _PyWarnings_Init();
 
 import_init(interp, sysmod);
 
+ /* initialize the faulthandler module */
+ if (_PyFaulthandler_Init())
+ Py_FatalError("Py_Initialize: can't initialize faulthandler");
+
 _PyTime_Init();
 
 if (initfsencoding(interp) < 0)

I can confirm that it works with the patch. Thanks!

The patch looks good to me.

Hum, a test may be added to ensure that we will not have the regression anymore.

% PYTHONFAULTHANDLER=1 ./python -E -c 'import faulthandler; faulthandler._sigsegv()'
[3] 14516 segmentation fault (core dumped)
Unless I'm missing something, the env. var. is not working as documented.
Patch with two tests is attached: the first does 'python -X faulthandler ...' and passes after Antoine's patch, the second does 'PYTHONFAULTHANDLER=YesPlease python ...' and does not pass.

> PYTHONFAULTHANDLER=1 ./python -E ...
Documentation of the -E option "Ignore all PYTHON* environment
variables, e.g. PYTHONPATH and PYTHONHOME, that might be set."
http://docs.python.org/dev/using/cmdline.html#cmdoption-E
So the option works as expected.

A new version of the tests: one for 'python -X faulthandler', one for 'PYTHONFAULTHANDLER=1 python'. This one sets the environment properly for the second test, but is slightly more invasive.
Both tests fail without Antoine's patch, and both succeed when it is applied.

bump?

Oh, in fact I already fixed this issue long time ago in Python 3.3 and 3.4.
---
changeset: 78341:2f1494d243ad
user: Victor Stinner <victor.stinner@gmail.com>
date: Tue Jul 31 02:55:49 2012 +0200
files: Lib/test/test_faulthandler.py Python/pythonrun.c
description:
Fix initialization of the faulthandler module
faulthandler requires the importlib if "-X faulthandler" option is present on
the command line, so initialize faulthandler after importlib.
Add also an unit test.
---
I'm closing the issue. Thanks for the report.