The standard approach is to use a profiler. If, for some reason you can't (such as there is no profiler available in the Apache modpython that is running your Django) your best bet might be simply to instrument your program with logging. Watch the messages from your program, and see what you can learn from them.
If you see a message "Entering CalculateFoo()" and then five seconds later "Exiting CalculateFoo()" that's a major clue there. Or if one particular function keeps printing over and over and over.
Here's a short discussion of Python logging.
http://stackoverflow.com/questions/1623039/python-debugging-tips/1623243#1623243
EDIT: I just noticed that you specifically said this is on your Windows 7 desktop. So, use a profiler. But I'll leave this answer up to cover the general case.