When python is embedded in a program, there must be a way for the 
program to export 
some of its functions to python - a module that resides in the main 
executable.

You cannot use the import machinery to import such a module, because 
there is no 
separate file to find and load. Instead, the embedding program 
explicitly calls the 
module init() function. 
With python 2.x, this creates the module *and* inserts it into 
sys.modules. Then 
subsequent imports will find it directly in sys.modules.

mod_python for example works this way.
I maintain that the sample is still valid, and should be made to work 
somehow.