Note that setting an install prefix is necessary to avoid making this the default system python (which will break cinnamon-settings apps as well as possibly other things). The prefix I chose puts it in a directory with my username.
Download the latest python source and install it:
sudo apt-get install build-essential libreadline-dev libsqlite3-dev ./configure --enable-ipv6 --enable-unicode=ucs4 --prefix=/usr/local/${USER}/ make sudo make installYour new python is now in /usr/local/${USER}/bin/python2.7. To use it, specify it in any virtualenvs you create. Make it an alias so you never forget:
alias virtualenv='virtualenv --python=/usr/local/${USER}/bin/python'