If you want to use Django from a (say) Python script, you have to setup the settings module as you said.
Another way of doing, is as follow:
#!/usr/bin/python
from django.core.management import setup_environ
import os
import settings
os.environ['DJANGO_SETTINGS_MODULE'] = "mysite.settings" # or just "settings" if it's on the same directory as settings.py
from mysite.myapp.models import * # import models, etc, only *after* setting up the settings module
setup_environ(settings)
# insert your code here, say saving an entry
c = MyClass()
c.text = "Hello!"
c.save()