Scipy installation instructions for building from source (http://www.scipy.org/Installing_SciPy/Linux) are simple enough. Scipy requires numpy, which should be available via yum installation (saving you some trouble--just use "yum install numpy"). However, when running Scipy's "python setup.py install", I faced the error
ImportError: No module named f2py
along with some other barfing. The solution was to simply also install numpy-f2py via yum.