It is preferrable to install python-chrono using your operating systems package manager, if possible.
python-chrono only needs a recent version of Python installed. It has been tested on Python versions 2.6 and 3.1, but is believed to work on all versions from Python 2.3 and upwards.
To install from a source distribution, simply run the usual setup.py script as root:
./setup.py install
For more informations on available options, run:
./setup.py --help