Wes McKinney (pandas' author) in Python for Data Analysis provides the following recipe:
groups = dict(list(gb))
which returns a dictionary whose keys are your group labels and whose values are DataFrames, i.e.
groups['foo']
will yield what you are looking for:
A B C
0 foo 1.624345 5
2 foo -0.528172 11
4 foo 0.865408 14