How do you upgrade python?

[binzdupe9]

Been using Linux for years. Never needed to upgrade python until now.
Now needing to upgrade python 2.0.1 to 2.2. for certain programs.
Compiling is not an issue. My question is, is there a way to migrate all
of the previously installed modules to 2.2, or will I need/have to 
recompile everything? I don't want to have two versions of python.
If this question has been addressed in python's docs, I must have missed
it.