BrendonC dropped by to leave a comment mentioning that Drupal in Python -- aka Drupy -- is a real project.

Here's the latest update (as of 6/17/2008):

Currently, Drupy can successfully run Drupal Bootstrap Phase 8. This means there is one more Drupal Bootstrap phase to be completed before alpha completion. For more details, check the Drupy diagnostic page, which is updated regularily.

Find the code on Gitorius, news and bugtracking on Sourceforge, and say 'hi' on freenode at #drupy.