You can run Django on PyPy, and it appears to be running reasonably well. By Django version 1.0 the current issues should have been resolved. 
For now you can get a project like Pinax from Django Hotclub up and running with a bit of extra work.

Check out PyPy

svn co http://codespeak.net/svn/pypy/dist pypy-dist

For Mac:
Install Developer Tools
Install MacPorts
Install libffi


Build pypy-c

Magic translation command (example):
./translate.py --thread --gc=hybrid targetpypystandalone --faassen --allworkingmodules --oldstyle

	
Check out Django

		Do a subversion checkout of django trunk. Or get version 1.0 that has the signals speedup (ticket 6814)
		Or if ticket 6814 is not in yet, apply patch ticket 6857 (http://code.djangoproject.com/ticket/6857)

	
Python 2.4

		Django only requires Python 2.3. But, be aware that many popular django applications depend on Python 2.5 runtime lib.

		* elementtree (from xml.etree import cElementTree as ElementTree)
		python-openid
		yadis
		gdata
		
		* hashlib
		python-openid
		gravatar
		
Make a link to pypy-c in /usr/shared/bin


pypy-c ./manage.py runserver --noreload