[python] What is the best way to repeatedly execute a function every x seconds?

Here's an update to the code from MestreLion that avoids drifiting over time.

The RepeatedTimer class here calls the given function every "interval" seconds as requested by the OP; the schedule doesn't depend on how long the function takes to execute. I like this solution since it doesn't have external library dependencies; this is just pure python.

import threading 
import time

class RepeatedTimer(object):
  def __init__(self, interval, function, *args, **kwargs):
    self._timer = None
    self.interval = interval
    self.function = function
    self.args = args
    self.kwargs = kwargs
    self.is_running = False
    self.next_call = time.time()
    self.start()

  def _run(self):
    self.is_running = False
    self.start()
    self.function(*self.args, **self.kwargs)

  def start(self):
    if not self.is_running:
      self.next_call += self.interval
      self._timer = threading.Timer(self.next_call - time.time(), self._run)
      self._timer.start()
      self.is_running = True

  def stop(self):
    self._timer.cancel()
    self.is_running = False

Sample usage (copied from MestreLion's answer):

from time import sleep

def hello(name):
    print "Hello %s!" % name

print "starting..."
rt = RepeatedTimer(1, hello, "World") # it auto-starts, no need of rt.start()
try:
    sleep(5) # your long-running job goes here...
finally:
    rt.stop() # better in a try/finally block to make sure the program ends!