In Python 3 you can use str.isidentifier() to test whether a given string is a valid Python identifier/name.

>>> 'X'.isidentifier()
True
>>> 'X123'.isidentifier()
True
>>> '2'.isidentifier()
False
>>> 'while'.isidentifier()
True

The last example shows that you should also check whether the variable name clashes with a Python keyword:

>>> from keyword import iskeyword
>>> iskeyword('X')
False
>>> iskeyword('while')
True

So you could put that together in a function:

from keyword import iskeyword

def is_valid_variable_name(name):
    return name.isidentifier() and not iskeyword(name)

Another option, which works in Python 2 and 3, is to use the ast module:

from ast import parse

def is_valid_variable_name(name):
    try:
        parse('{} = None'.format(name))
        return True
    except SyntaxError, ValueError, TypeError:
        return False

>>> is_valid_variable_name('X')
True
>>> is_valid_variable_name('123')
False
>>> is_valid_variable_name('for')
False
>>> is_valid_variable_name('')
False
>>> is_valid_variable_name(42)
False

This will parse the assignment statement without actually executing it. It will pick up invalid identifiers as well as attempts to assign to a keyword. In the above code None is an arbitrary value to assign to the given name - it could be any valid expression for the RHS.

Well, I'd like to best Triptych's solution with ... a one-liner!

>>> def clean(varStr): return re.sub('\W|^(?=\d)','_', varStr)
...

>>> clean('32v2 g #Gmw845h$W b53wi ')
'_32v2_g__Gmw845h_W_b53wi_'

This substitution replaces any non-variable appropriate character with underscore and inserts underscore in front if the string starts with a digit. IMO, 'name/with/slashes' looks better as variable name name_with_slashes than as namewithslashes.