This is straightforward. Here is what I did:
Download sip and pyqt from pyqt the links on the website:
http://www.riverbankcomputing.co.uk/news
Extract the .tar.gz files to, say,your home folder, yielding the
following folders:
PyQt-x11-gpl-4.6.2
sip-4.9.3
Follow the install directions. That is, in each folder, run:
python3.1 configure.py
make
sudo make install
That's all
I can now import PyQt4 from Python3.1.
Edward