@JoshAdel covered a lot of it, but if you just want to time the execution of an entire script, you can run it under time on a unix-like system.
kotai:~ chmullig$ cat sleep.py
import time
print "presleep"
time.sleep(10)
print "post sleep"
kotai:~ chmullig$ python sleep.py
presleep
post sleep
kotai:~ chmullig$ time python sleep.py
presleep
post sleep
real 0m10.035s
user 0m0.017s
sys 0m0.016s
kotai:~ chmullig$