I would seriously consider virtualizing the environment to run this stuff, so that exploits in whatever mechanism you implement can be firewalled one more time by the configuration of the virtual machine.
Number of users and what kind of code you expect to test/run would have considerable influence on choices btw. If they aren't expected to link to files or databases, or run computationally intensive tasks, and you have very low pressure, you could be almost fine by just preventing file access entirely and imposing a time limit on the process before it gets killed and the submission flagged as too expensive or malicious.
If the code you're supposed to test might be any arbitrary Django extension or page, then you're in for a lot of work probably.
