Python 2.7 on Ubuntu

I am new to Python and am working on a Linux machine (Ubuntu 10.10). It is running python 2.6, but I'd like to run 2.7 as it has features I want to use. I have been urged to not install 2.7 and set that as my default python. My question is, how can I install 2.7 and run it side by side with 2.6?