here's an example (you'd have to use unbuffered io, without python's file 
semantics):

---server---
>>> import os
>>> os.mkfifo("tmp.fifo")
>>> fd=os.open("tmp.fifo", os.O_WRONLY)
>>> os.write(fd, "hello world")

---client---
>>> import os
>>> fd=os.open("tmp.fifo", os.O_RDONLY)
>>> os.read(fd, 100)
'hello world'

and select() works as expected

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