Emacs does not recognize my correct python path. I think it is a general problem with emacs not recognizing my environment variables. I have GNU Emacs 22.1.1 (i386-apple-darwin8.9.1, Carbon Version 1.6.0) of 2007-06-17 installed.
I have set the PYTHONPATH in my ~/.bashrc. Maybe I should set it somewhere else?
.bashrc only gets read when a shell starts; it won't affect Carbon Emacs. Instead, use setenv in your .emacs:
(setenv "PYTHONPATH" "PATH_STRING_HERE")
You can set PYTHONPATH for the entire Mac OS session, by adding it to ~/.MacOSX/environment.plist (more here). You probably don't want to do this unless you have XCode (and its property list editor) installed.