If you are truly compute bound, using the multiprocessing module is probably the lightest weight solution (in terms of both memory consumption and implementation difficulty.)
If you are I/O bound, using the threading module will usually give you good results. Make sure that you use thread safe storage (like the Queue) to hand data to your threads. Or else hand them a single piece of data that is unique to them when they are spawned.
PyPy is focused on performance. It has a number of features that can help with compute-bound processing. They also have support for Software Transactional Memory, although that is not yet production quality. The promise is that you can use simpler parallel or concurrent mechanisms than multiprocessing (which has some awkward requirements.)
Stackless Python is also a nice idea. Stackless has portability issues as indicated above. Unladen Swallow was promising, but is now defunct. Pyston is another (unfinished) Python implementation focusing on speed. It is taking an approach different to PyPy, which may yield better (or just different) speedups.
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