Installing PyMol is quite straightforward.
Download the appropriate RPM and use 'rpm' to install it. Typically,
rpm -Uvh rpmFileName.rpm
assuming you already have your PyMol source tree untar'ed simply do:
python setup.py build python setup.py install # need to be root, here python setup2.py sudo cp ./pymol.com /usr/local/bin/pymol.com # cp the executable to /usr/local/bin
Now you can run PyMol from anywhere by issuing the command:
Compiling By Hand
Copy the appropriate setup/Rules.XXX file to the base PyMol dir. You'll have to edit the file for your system. Then run 'make'.