To install the whole set of Python modules needed and iPython in a virtualenv (trick: there is no "pylab" module to install):
% virtualenv --distribute --no-site-packages pandas_venv
[blahblah]
% . pandas_venv/bin/activate
(pandas_venv) % easy_install readline # Probably only needed in Mac OS X for iPython to behave
[blahblah]
(pandas_venv) % pip install ipython
[blah blah]
(pandas_venv) % pip install numpy
[lots of blahblah]
(pandas_venv) % pip install matplotlib
[quite a bit of blahblah]
(pandas_venv) % pip install pandas
[some more blah blah]
(pandas_venv) % pandas_venv/bin/ipython --no-banner
In [1]: import numpy as np
In [2]: import pandas as pd
In [3]: import pylab as pl
In [4]: