I have both python2.7 and python3.2 installed in Ubuntu 12.04.
The symbolic link python links to python2.7
Another way to install python3 is using wget. Below are the steps for installation.
wget http://www.python.org/ftp/python/3.3.5/Python-3.3.5.tar.xz
tar xJf ./Python-3.3.5.tar.xz
cd ./Python-3.3.5
./configure --prefix=/opt/python3.3
make && sudo make install
Also,one can create an alias for the same using
echo 'alias py="/opt/python3.3/bin/python3.3"' >> ~/.bashrc
Now open a new terminal and type py and press Enter.