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I was able to build with gcc 4.0.2 on Solaris sun4u system
with the same flags as above.

./python: ELF 64-bit MSB executable SPARCV9 Version 1,
dynamically linked, not stripped

However, it couldn't build the extension modules because:
ld.so.1: python: fatal: libgcc_s.so.1: open failed: No such
file or directory

That's a different problem though.  The interpreter itself
is just fine.

You might want to try lowering the optimization level to -O1
or -O0 and see if you have the same problem.  Or you could
try building with a different C compiler.