First of all, Thank you DTing for awesome answer. It's pretty much perfect.
For those who are suffering from not having GCC access in shared hosting, Go for ActivePython instead of normal python like Scott Stafford mentioned. Here are the commands for that.
wget http://downloads.activestate.com/ActivePython/releases/2.7.13.2713/ActivePython-2.7.13.2713-linux-x86_64-glibc-2.3.6-401785.tar.gz
tar -zxvf ActivePython-2.7.13.2713-linux-x86_64-glibc-2.3.6-401785.tar.gz
cd ActivePython-2.7.13.2713-linux-x86_64-glibc-2.3.6-401785
./install.sh
It will ask you path to python directory. Enter
../../.localpython
Just replace above as Step 1 in DTing's answer and go ahead with Step 2 after that. Please note that ActivePython package URL may change with new release. You can always get new URL from here : http://www.activestate.com/activepython/downloads
Based on URL you need to change the name of tar and cd command based on file received.