__init__.py
will treat the directory it is in as a loadable module.
For people who prefer reading code, I put Two-Bit Alchemist's comment here.
$ find /tmp/mydir/
/tmp/mydir/
/tmp/mydir//spam
/tmp/mydir//spam/__init__.py
/tmp/mydir//spam/module.py
$ cd ~
$ python
>>> import sys
>>> sys.path.insert(0, '/tmp/mydir')
>>> from spam import module
>>> module.myfun(3)
9
>>> exit()
$
$ rm /tmp/mydir/spam/__init__.py*
$
$ python
>>> import sys
>>> sys.path.insert(0, '/tmp/mydir')
>>> from spam import module
Traceback (most recent call last):
File "<stdin>", line 1, in <module>
ImportError: No module named spam
>>>