Like any Python package, use setup.py:
$ python setup.py install --with-libmemcached=/opt/local
You only need to specify --with-libmemcached if libmemcached is not available on your C compiler’s include and library path. This is the case if you use MacPorts or something like that.
So for example, if one were to use MacPorts to install libmemcached, your libmemcached would end up in /opt/local, hence --with-libmemcached=/opt/local.
Since easy_install doesn’t support passing arguments to the setup script, you can also define environment variables:
LIBMEMCACHED=/opt/local easy_install pylibmc