See Installing Packages in the Python Packaging User Guide for help on installing Python packages such as python-ly.
The documentation resides in the doc directory and can be built using
the Sphinx toolchain (http://sphinx-doc.org/).
Typing make html in the doc directory generates full HTML documentation
in the doc/build/html directory.
Typing make man in the doc directory generates a manpage for the ly
command. This manpage is created in doc/build/man/ly.1 and can be installed
on UNIX systems in a location like /usr/share/man/man1/.
The documentation is not installed by default.