Just use zip
>>> l = [1, 7, 3, 5]
>>> for first, second in zip(l, l[1:]):
... print first, second
...
1 7
7 3
3 5
As suggested you might consider using the izip function in itertools for very long lists where you don't want to create a new list.
import itertools
for first, second in itertools.izip(l, l[1:]):
...