You can edit the files installed in /usr/local/lib/python2.7/dist-packages/. Do note that you will have to use sudo or become root.
The better option would be to use virtual environment for your development. Then you can edit the files installed with your permissions inside your virtual environment and only affect the current project.
In this case the files are in ./venv/lib/pythonX.Y/site-packages
Note that, as the rest of the people have mentioned, this should only be used sparingly, for small tests or debug, and being sure to revert your changes to prevent issues when upgrading the package.
To properly apply a change to the package (a fix or a new feature) go for the options described in other answers to contribute to the repo or fork it.