PyPy allows you to create a Python runtime based on a language specification written in Python.
It is in very active development and looks like it will be possible to produce Python runtimes 
mature enough for production quite soon.

You can get Django running on PyPy by following this recipe DjangoAndPyPy

For more information visit web site: http://codespeak.net/pypy/dist/pypy/doc/home.html