django.core.handlers.profiler-hotshot provides profiling support for Django when using mod_python. Here's a similar solution for the internal development webserver.

Apply the included patch to django/core/management.py and start Django with manage.py runserver. Each request will create a .prof file in your /tmp directory. You can then open a Python shell and print the statistics:

>>> import hotshot.stats
>>> stats = hotshot.stats.load("stones.prof")
>>> stats.strip_dirs()
>>> stats.sort_stats('time', 'calls')
>>> stats.print_stats(20)