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/selectmodule.c b/Modules/selectmodule.c
index 047c0d4..7655c3c 100644
--- a/Modules/selectmodule.c
+++ b/Modules/selectmodule.c
@@ -322,8 +322,6 @@
 	PyObject *m, *d;
 	m = Py_InitModule("select", select_methods);
 	d = PyModule_GetDict(m);
-	SelectError = PyString_FromString("select.error");
+	SelectError = PyErr_NewException("select.error", NULL, NULL);
 	PyDict_SetItemString(d, "error", SelectError);
-	if (PyErr_Occurred())
-		Py_FatalError("Cannot initialize select module");
 }