Apply two changes, systematically:

(1) Use PyErr_NewException("module.class", NULL, NULL) to create the
    exception object.

(2) Remove all calls to Py_FatalError(); instead, return or
    ignore the errors -- the import code now checks PyErr_Occurred()
    after calling a module's init function, so it's no longer a
    fatal error for the initialization to fail.

Also did some small cleanups, e.g. removed unnecessary test for
"already initialized" from initfpectl(), and unified
initposix()/initnt().

I haven't checked this very thoroughly, so while the changes are
pretty trivial -- beware of untested code!
diff --git a/Modules/fpectlmodule.c b/Modules/fpectlmodule.c
index 0b7e8d7..b0ba9db 100644
--- a/Modules/fpectlmodule.c
+++ b/Modules/fpectlmodule.c
@@ -227,17 +227,11 @@
 void initfpectl(void)
 {
     PyObject *m, *d;
-    static int already_initialized = 0;
-
-    if (already_initialized) return;
     m = Py_InitModule("fpectl", fpectl_methods);
     d = PyModule_GetDict(m);
-    fpe_error = PyString_FromString("fpectl.error");
-    PyDict_SetItemString(d, "error", fpe_error);
-
-    if (PyErr_Occurred())
-	Py_FatalError("Cannot initialize module fpectl");
-    already_initialized = 1;
+    fpe_error = PyErr_NewException("fpectl.error", NULL, NULL);
+    if (fpe_error != NULL)
+	PyDict_SetItemString(d, "error", fpe_error);
 }
 
 #ifdef __cplusplus