There are a couple answers telling you not to bother. Well, how helpful is that? You want to learn? You can learn. This is compilation. It just so happens that your target language isn't machine code, but another high-level language. This is done all the time.
There's a relatively easy way to get started. First, go get http://sourceforge.net/projects/lime-php/ (if you want to work in PHP) or some such and go through the example code. Next, you can write a lexical analyzer using a sequence of regular expressions and feed tokens to the parser you generate. Your semantic actions can either output code directly in another language or build up some data structure (think objects, man) that you can massage and traverse to generate output code.
You're lucky with PHP and Python because in many respects they are the same language as each other, but with different syntax. The hard part is getting over the semantic differences between the grammar forms and data structures. For example, Python has lists and dictionaries, while PHP only has assoc arrays.
The "learner" approach is to build something that works OK for a restricted subset of the language (such as only print statements, simple math, and variable assignment), and then progressively remove limitations. That's basically what the "big" guys in the field all did.
Oh, and since you don't have static types in Python, it might be best to write and rely on PHP functions like "python_add" which adds numbers, strings, or objects according to the way Python does it.
Obviously, this can get much bigger if you let it.
