Problems installing a Django app using virtualenvwrapper and pip

Question

I am relatively new to Django, and I must admin I'm getting confused (not to mention frustrated) with its frankly, bizarre folder structure - and the differentiation between website, projects, apps and modules.

I am trying to install and use django-realestate into my virtenv (using virtualenvwrapper)

After I created the new virtenv, I installed the Django app in the new environment. The problem is that the entire codebase is actually created under ~./virtualenvs/myenv

The problem is that I want to be able to modify and (quite extensively) extend the code to suit my own purposes. However, I can't do that - if the code is under the "control" of virtualenv. My gut instinct is to do either of the following:

1. Move the code from the src folder under ~./vitualenvs/myenv to /path/to/proj
2. Create a brand new Django install and add(/merge?) the folders realestate, testproject and test to my project folder?

It is a hideously complicated setup for what is a straightforward requirement: I want to have the latest Django version, and also have the code for the latest real-estate app (which I will modify extensively).

How do I solve this problem?