I've got a number of scripts that use common definitions. How do I split them in multiple files? Furthermore, the application can not be installed in any way in my scenario; it must be possible to have an arbitrary number of versions concurrently running and it must work without superuser rights. Solutions I've come up with are:

Duplicate code in every
script. Messy, and probably the worst
scheme.
Put all scripts and common
code in a single directory, and
use from . import to load them.
The downside of this approach is that
I'd like to put my libraries in other
directory than the applications.
Put common
code in its own directory, write a __init__.py that imports all submodules and finally use from . import to load them.
Keeps code organized, but it's a little bit of overhead to maintain __init__.py and qualify names.
Add the library directory to
sys.path and
import. I tend to
this, but I'm not sure whether
fiddling with sys.path
is nice code.
Load using
execfile
(exec in Python 3).
Combines the advantages of the
previous two approaches: Only one
line per module needed, and I can use
a dedicated. On the other hand, this
evades the python module concept and
polutes the global namespace.
Write and install a module using
distutils. This
installs the library for all python
scripts and needs superuser rights
and impacts other applications and is hence not applicable in my case.

What is the best method?
I've used the third approach (add the directories to sys.path) for more than one project, and I think it's a valid approach.
How to modularize a Python application