Anyone using Odoo v7.0 can follow the mentioned steps to make it faster.

For installation of repository from PGDG for latest postgres version in Ubuntu 12.04:

Import the repository key from https://apt.postgresql.org/pub/repos/apt/ACCC4CF8.asc:

wget -O – https://apt.postgresql.org/pub/repos/apt/ACCC4CF8.asc | sudo apt-key add –
Edit /etc/apt/sources.list.d/pgdg.list. and add the repo to your sources:

sudo vi /etc/apt/sources.list.d/pgdg.list
Add the following to the file:

deb https://apt.postgresql.org/pub/repos/apt/ precise-pgdg main
Configure apt’s package pinning to prefer the PGDG packages over the Debian ones in /etc/apt/preferences.d/pgdg.pref:

sudo vi /etc/apt/preferences.d/pgdg.pref
Add the following to the file:

Package: *
Pin: release o=apt.postgresql.org
Pin-Priority: 500

Please note that this will replace all your Debian/Ubuntu packages with available packages from the PGDG repository. If you do not want this, skip this step.

Update the package lists, and install the pgdg-keyring package to automatically get repository key updates:

sudo apt-get update
sudo apt-get install pgdg-keyring
Install the PostgreSQL server

sudo apt-get install postgresql-9.2

Continue with the Odoo v7 install guide

Get more information here!