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I get the exact same behavior on OpenBSD 3.1 with Python-
2.2.2. Also this simple test program from the "Python 
Standard Library" book - fails. The program terminates but 
the "got signal" message is never printed.

import signal
import time

def handler (signo, frame):
    print 'got signal', signo

signal.signal(signal.SIGALRM, handler)
# wake me up in two seconds
signal.alarm(2)
now = time.time()
time.sleep(200)
print 'slept for', time.time() - now, "seconds"