Is it possible to keep a Python script running in the background while working with other applications in the meantime? Do I need to create stand-alone applications (.sis) for that?

I know Symbian allows simultaneously running applications, but I'm not sure whether the applications in the background are on hold or are running normally.

What I'm trying to do is build an application that monitors for certain events while running in the background. Whenever an event occurs the application should warn the user. Is this possible at all using Python?