The problem is your python path, or rather the lack of one. You need to set environment variable PYTHONPATH to the absolute path of the missing module. One way of doing it is to append the path with in python.

import sys
sys.path.append('/path/to/module')

Here is example from the real world. When I tried to compress the Netflixprize dataset using the pythonscript pyflix it returned this error.

Traceback (most recent call last):
  File "pyflix/setup.py", line 13, in 
    from pyflix import timeCall
ImportError: No module named pyflix

My solution to the problem was to add two lines of code in the beginning of setup.py. Notice the import on line seven and the appending of a path on line eight.

#!/usr/bin/env python

'''Script for generating the indexed binary datasets.'''

#==== imports ==================================================================

import sys
sys.path.append('/users/janjarfalk/projects/netflixprize/pyflix-0.1')

import cPickle
from operator import itemgetter
from optparse import OptionParser, make_option

import numpy as N

from pyflix import timeCall