Importing inside a function will effectively import the module once.. the first time the function is run.
It ought to import just as fast whether you import it at the top, or when the function is run. This isn't generally a good reason to import in a def. Pros? It won't be imported if the function isn't called.. This is actually a reasonable reason if your module only requires the user to have a certain module installed if they use specific functions of yours...
If that's not he reason you're doing this, it's almost certainly a yucky idea.