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:

How to install to the brew supplied python.

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