Install the current version Django and all the dependencies from requirements.txt. (Hint: Use pip2 install -r requirements.txt if you're as lazy as me).
Then, execute the following commands:
yes no | ./manage.py syncdb./manage.py migrate
Next, create an admin user
./manage.py createsuperuser
Congratulations, you're done.
As last step, fire up the local development server using ./manage.py runserver and point your browser to http://127.0.0.1:8000.