Current 2.7.2 + building on OS X 10.7.2 and gcc 4.2.1 (Apple build 5666.3):

i686-apple-darwin11-gcc-4.2.1: /private/var/folders/jy/dhptnvj90b34s0135sb_g6w80000gn/T/tmpAfN6sj/foo.so: No such file or directory

======================================================================
ERROR: test_get_outputs (distutils.tests.test_build_ext.BuildExtTestCase)
----------------------------------------------------------------------
Traceback (most recent call last):
  File "/Users/toggtc/.pythonbrew/pythons/Python-2.7.2/lib/python2.7/distutils/tests/test_build_ext.py", line 291, in test_get_outputs
    cmd.run()
  File "/Users/toggtc/.pythonbrew/pythons/Python-2.7.2/lib/python2.7/distutils/command/build_ext.py", line 340, in run
    self.build_extensions()
  File "/Users/toggtc/.pythonbrew/pythons/Python-2.7.2/lib/python2.7/distutils/command/build_ext.py", line 449, in build_extensions
    self.build_extension(ext)
  File "/Users/toggtc/.pythonbrew/pythons/Python-2.7.2/lib/python2.7/distutils/command/build_ext.py", line 531, in build_extension
    target_lang=language)
  File "/Users/toggtc/.pythonbrew/pythons/Python-2.7.2/lib/python2.7/distutils/ccompiler.py", line 741, in link_shared_object
    extra_preargs, extra_postargs, build_temp, target_lang)
  File "/Users/toggtc/.pythonbrew/pythons/Python-2.7.2/lib/python2.7/distutils/unixccompiler.py", line 258, in link
    raise LinkError, msg
LinkError: command 'gcc' failed with exit status 1
----

"DYLD_LIBRARY_PATH" is not defined in default environment of OS X.
but, ./configure and ./configure.in are:
    Darwin*)
    	LDLIBRARY='libpython$(VERSION).dylib'
	BLDLIBRARY='-L. -lpython$(VERSION)'
	RUNSHARED='DYLD_LIBRARY_PATH=`pwd`:${DYLD_LIBRARY_PATH}'

=> RUNSHARED=DYLD_LIBRARY_PATH=`pwd`:

and, test_build_ext.py:
 53     def _fixup_command(self, cmd):
 ...
 63         if (sysconfig.get_config_var('Py_ENABLE_SHARED') and
 64             not sys.platform.startswith('win')):
 65             runshared = sysconfig.get_config_var('RUNSHARED')
 66             if runshared is None:
 67                 cmd.library_dirs = ['.']
 68             else:
 69                 name, equals, value = runshared.partition('=')
 70                 cmd.library_dirs = value.split(os.pathsep)

=> library_dirs=['`pwd`', '']

link command via unixccompier:
gcc-4.2 ... /foo.o -L`pwd` -L (empty!) -o /private/var/folder.../foo.so

=> "No such file or directory"
---

(for 2.7.2) https://raw.github.com/toggtc/python-patch/master/2.7.2/distutils_test_fixup_command_2.7.2.patch
(for 3.2.2) https://raw.github.com/toggtc/python-patch/master/3.2.2/distutils_test_fixup_command_3.2.2.patch