The straightforward and oftenly not recomended way there is to use "eval".
Simply doing:
obj = eval('common.test.TestClass')
Will give you the object as specified on the string.
Other, more elegant ways, would involve querying each object on the chain for the next attribute - you can avoud eval in this way:
string = 'common.test.TestClass'
# this retrieves the topmost name, supposedly a module, as an object:
obj = globals()[string.split(".")[0]]
# And retrieve each subobject object therein:
for part in string.split(".")[1:]:
obj = getattr(obj, part)
If part of your object path is an yet not-imported submodule, though, this won't work - You'd have to "exec" an import statement to retrieve the module - Exec being a "stronger" form of eval, wich supports statements, while eval is reserved only for expressions.