The new and easy way is just use the package from pygame.org: as we speak ->
http://www.pygame.org/ftp/pygame-1.9.2pre-py2.7-macosx10.7.mpkg.zip
If you want to build it yourself this are the steps on a virgin OSX 10.7 system:
you ‘ll need Xcode 4.2
Install mercurial from the .dmg from http://mercurial.selenic.com/ Or install mercurial via brew:
brew install mercurial
How to install to the brew supplied python.
brew install python brew install sdl sdl_image sdl_mixer sdl_ttf smpeg portmidi brew instal smpeg --HEAD /usr/local/share/python/easy_install pip /usr/local/share/python/pip install hg+http://bitbucket.org/pygame/pygame
With the brew installed python (2.7.3 as we speak) you can also install py2app. I had some problems with py2app 0.6.4 and reported it to the bugtracker, so I installed it with
/usr/local/share/python/easy_install py2app==0.6.3
