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I tried "cd" to SAGE_ROOT/devel/sage did the following.

Python 2.6.6 (r266:84292, Sep 15 2010, 16:22:56) 
[GCC 4.4.5] on linux2
Type "help", "copyright", "credits" or "license" for more information.
>>> import os
>>> os.environ['SAGE_ROOT'] = '/opt/sage'
>>> from sage.all import *
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
  File "sage/all.py", line 56, in <module>
    from sage.rings.memory import pmem_malloc
ImportError: No module named memory

I'm stuck to this, any idea why i get this error while running sage from the console and netbook works fine?