The Apple-provided build of Python is installed in /System/Library/Frameworks/Python.framework and /usr/bin/python, respectively. You should never modify or delete these, as they are Apple-controlled and are used by Apple- or third-party software. Remember that if you choose to install a newer Python version from python.org, you will have two different but functional Python installations on your computer, so it will be important that your paths and usages are consistent with what you want to do.
With older versions of Python, there is one Mac OS X quirk that you need to be aware of: programs that talk to the Aqua window manager (in other words, anything that has a GUI) need to be run in a special way. Use pythonw instead of python to start such scripts.
With Python 3.4, you can use either python or pythonw.