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You can compile C code using only the standard library, and it will work on every platform and with every Python version (assuming you actually have a C compiler available). Check out the distutils.ccompiler module which Python uses to compile C extension modules. A simple example:
// main.c
#include <stdio.h>
int main() {
printf("Hello world!\n");
return(0);
}
Compilation script:
# build.py
from distutils.ccompiler import new_compiler
if __name__ == '__main__':
compiler = new_compiler()
compiler.compile(['main.c'])
compiler.link_executable(['main.o'], 'main')
Everything else (include paths, library paths, custom flags or link args or macros) can be passed via various configuration options. Check out the above link to the module documentation for more info.
Sure, why not? Of course, you'd need GCC installed (or llvm) so you have something to compile with. You can just use os.system, or any of the other ways for calling an external program.
Of course, you're probably better off looking at something like SCons, which already exists to solve this problem.
Plus, to answer the question actually asked, there's nothing that would prevent you from writing a compiler/assembler/linker in python, they're just programs like anything else. Performance probably wouldn't be very good though.