Problems with gcc 3.2

[Jeff Holle <jeff.holle@verizon.net>]

I've just installed gcc 3.2 on my linux system (Mandrake 8.2).
Typing "gcc -v" from command line reports:

    Configured with: ./configure
    Thread model: posix
    gcc version 3.2

In compiling and running a simple boost.python extension module (which 
worked with gcc 2.96.0), I get:

     $python hello.py
    Traceback (most recent call last):
      File "hello.py", line 1, in ?
        import HELLO
    ImportError: libstdc++.so.5: cannot open shared object file: No such
    file or directory

This appears to be because libstdc++.so.5 is installed in /usr/local/lib 
instead of /usr/lib (where the 2.96.0 shared libraries seem to be).

What do I have to do to my environment to fix this?

Note:
I tried to define LD_LIBRARY_PATH (which was not previously defined) to 
"/usr/local/lib:/usr/lib:/lib", to no affect.