I'm looking to create a global hotkey in Python 3.2 for Ubuntu 12.10. That is, my script will run in the background and whenever I press shift + F4 (for example), no matter what the active window is, the script will do something.
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Take a look at https://github.com/engla/keybinder; it's a simple library that proclaims to enable global keyboard shortcuts and includes Python bindings. It's specific to GTK, but if your target is Ubuntu most Ubuntu systems are using Gnome and GTK-based applications by default. YMMV outside of GTK windows, in which case you'll have to use some lower-level X11 calls.