It's an encoding error - so if it's a unicode string, this ought to fix it:
text.encode("windows-1252").decode("utf-8")
If it's a plain string, you'll need an extra step:
text.decode("utf-8").encode("windows-1252").decode("utf-8")
Both of these will give you a unicode string.
By the way - to discover how a piece of text like this has been mangled due to encoding issues, you can use chardet:
>>> import chardet
>>> chardet.detect(u"And the Hip’s coming, too")
{'confidence': 0.5, 'encoding': 'windows-1252'}