Yep. I do mostly Django development and my project template just automatically sets up a virtualenv in a 've' subdirectory and sets the shebang line in manage.py to "#!ve/bin/python". From there, I just run "./manage.py whatever" and I never even have to think about it.
that's a good way...since I already use Makefiles to do little tasks in my projects, I end up just setting `PYTHON=.virtualenv/bin/python` and in my targets, using `$(PYTHON)` instead of `python`. Ditto for `pip`, `nosetests`, etc.