Based on your comment above, you may find a Timer object from the threading module to better suit your needs:
from threading import Timer
def hello():
print "hello, world"
t = Timer(300.0, hello)
t.start() # after 5 minutes, "hello, world" will be printed
(code snippet modified from docs)
A Timer is a thread subclass, so you can further encapsulate your logic as needed.
This allows the threading subsystem to schedule the execution of your task such that it's not entirely CPU bound like your current implementation.
I should also note that the Timer class is designed to be fired only once. As such, you'd want to design your task to start a new instance upon completion, or create your own Thread subclass with its own smarts.
While researching this, I noticed that there's also a sched
module that provides this functionality as well, but rather than rehash the solution, check out this related question:
Python Equivalent of setInterval()?