Or if you're using an application object (you should), just add a config object to the application object (app.config.param = ...).
Do you have a link or two that describe what you mean by an "application object"? The "you should" comment makes me think this is something of a design pattern, but googling around wasn't able to satisfy my curiosity.
STeVe -- http://mail.python.org/mailman/listinfo/python-list