I have a problem getting PyDev on eclipse to recognize already installed modules. Here is my detailed approach. The machine is a Mac (Snow Leopard).
In terminal the
Suppose your eternal module is in /.
Launch Eclipse and go to the project option. Select "PyDev-PYTHONPATH" and on the right you will see a tabbed window. Select External Libraries there. Click on Add Source Folder and select your library from the above path.