I would like to use Python 2.4 features in my Django apps running on CentOS 4.7. The default version of Python is 2.3 and I think it would be best not to try replace it. Is there a way to install a newer version of Python alongside and somehow tell Apache to use that for mod_python?
Yep, just build your own python and put it somewhere else (something like /opt or /usr/local). You'll need to rebuild mod_python, when you do you can specify the new python location.
Here is a good post about how what options to configure python with to install it into a different directory http://binarysushi.com/blog/2009/aug/19/CentOS-5-3-python-2-5-virtualevn-mod-wsgi-and-mod-rpaf/