Highly doubtful. Python is fantastic for lots of jobs. This isn't one of them.
Python isn't so good at real-time audio jobs, but I think it would be pretty decent as an audio "control" language. Using it to specify networks of C-code unit generators that run indepedently, then fielding OSC/MIDI messages, etc., changing parameters. I guess there are a lot of languages that do this kind of thing. Snd is an example of a Lisp-like language for these tasks. SuperCollider is pretty nice, and definitely worth exploring. However, for sample-level control, you want C/C++, for example with STK/RtAudio, or a sound language like Csound. Lately I have been exploring Chuck, which so far seems fantastic. The time-based control it gives you is really simple and nice to work with. I think a good project would be to write a Python interface to a Chuck VM. Use Python to program a GUI which modifies variables of a Chuck run-time. Anyways, some things to think about. As Paul said, Python can do lots of things, but real-time audio is not one of them. Right tool for the job, and all... but you have lots of tools available. I recommend exploring them. Steve
