Is there an easy way to update my Facebook status (\"What\'s on your mind?\" box) using Python code ?
The Facebook Developers site for Python is a great place to start. You should be able to accomplish this with a REST call.
http://wiki.developers.facebook.com/index.php/Python
Check out PyFacebook which has a tutorial, from... Facebook!
Blatantly ripped from the documentation on that page and untested, you'd probably do something like this:
import facebook
fb = facebook.Facebook('YOUR_API_KEY', 'YOUR_SECRET_KEY')
fb.auth.createToken()
fb.login()
fb.auth.getSession()
fb.set_status('Checking out StackOverFlow.com')