Simply sleeping for 10 seconds or using threading.Timer(10,foo) will result in start time drift. (You may not care about this, or it may be a significant source of problems depending on your exact situation.) There can be two causes for this - inaccuracies in the wake up time of your thread or execution time for your function.

You can see some results at the end of this post, but first an example of how to fix it. You need to track when your function should next be called as opposed to when it actually got called and account for the difference.

Here's a version that drifts slightly:

import datetime, threading

def foo():
    print datetime.datetime.now()
    threading.Timer(1, foo).start()

foo()

Its output looks like this:

2013-08-12 13:05:36.483580
2013-08-12 13:05:37.484931
2013-08-12 13:05:38.485505
2013-08-12 13:05:39.486945
2013-08-12 13:05:40.488386
2013-08-12 13:05:41.489819
2013-08-12 13:05:42.491202
2013-08-12 13:05:43.492486
2013-08-12 13:05:44.493865
2013-08-12 13:05:45.494987
2013-08-12 13:05:46.496479
2013-08-12 13:05:47.497824
2013-08-12 13:05:48.499286
2013-08-12 13:05:49.500232

You can see that the sub-second count is constantly increasing and thus, the start time is "drifting".

This is code that correctly accounts for drift:

import datetime, threading, time

next_call = time.time()

def foo():
  global next_call
  print datetime.datetime.now()
  next_call = next_call+1
  threading.Timer( next_call - time.time(), foo ).start()

foo()

Its output looks like this:

2013-08-12 13:21:45.292565
2013-08-12 13:21:47.293000
2013-08-12 13:21:48.293939
2013-08-12 13:21:49.293327
2013-08-12 13:21:50.293883
2013-08-12 13:21:51.293070
2013-08-12 13:21:52.293393

Here you can see that there is no longer any increase in the sub-second times.

If your events are occurring really frequently you may want to run the timer in a single thread, rather than starting a new thread for each event. While accounting for drift this would look like:

import datetime, threading, time

def foo():
    next_call = time.time()
    while True:
        print datetime.datetime.now()
        next_call = next_call+1;
        time.sleep(next_call - time.time())

timerThread = threading.Thread(target=foo)
timerThread.start()

However your application will not exit normally, you'll need to kill the timer thread. If you want to exit normally when your application is done, without manually killing the thread, you should use

timerThread = threading.Thread(target=foo)
timerThread.daemon = True
timerThread.start()