It won't work in shell
? I managed to get a django shell session going in emacs just now.
Hit M-x shell
and then start your python shell inside that bash shell session, like so:
M-x shell
the shell spawns
prompt> cd path/to/my/django/directory
prompt> python manage.py shell
Python 2.6.1 (r261:67515, Jul 7 2009, 23:51:51)
[GCC 4.2.1 (Apple Inc. build 5646)] on darwin
Type "help", "copyright", "credits" or "license" for more information.
(InteractiveConsole)
>>>
and it should bring up a django shell just as if you are working in a bare terminal, but it is another buffer in Emacs.
As far as the integration (sending code to the shell to be evaluated, etc) it seems like you may be able find what you're looking for at the bottom of the page here (Emacs Wiki for python.el). There's plenty of info there about getting iPython working with python.el, and you may be able to get that to run your django shell by modifying the code there or in python.el.