Here's a nice implementation using the Thread class: http://g-off.net/software/a-python-repeatable-threadingtimer-class
the code below is a little more quick and dirty:
from threading import Timer
from time import sleep
def hello():
print "hello, world"
t = Timer(3,hello)
t.start()
t = Timer(3, hello)
t.start() # after 3 seconds, "hello, world" will be printed
# timer will wake up ever 3 seconds, while we do something else
while True:
print "do something else"
sleep(10)
