However… this works:
$ pwd
/usr/local/panda/lib/pandac
$ python
Python 2.5.1 (r251:54863, Apr 15 2008, 22:57:26)
[GCC 4.0.1 (Apple Inc. build 5465)] on darwin
Type “help”, “copyright”, “credits” or “license” for more information.
import libpandaModules