One click install of... what?
Django is a Python web development FRAMEWORK -- it is not an application, and installing it into your web directory will certainly do nothing to you.
If you need instruction on how to set up Django and FastCGI on DreamHost, here's the Wiki doco:
Did DreamHost ever have mod_python supported here? I have only been here for less than a year so I have no idea, but personally I won't do shared hosting with anyone who also has mod_python installed
If FastCGI is not good enough for you, you might want to go for VPS instead.
Scott Yang | Truth About DreamHost Promo Code