IPython [http://ipython.scipy.org] is a command-line only system. This would extend it to be embedded in a GUI, in a way allowing Python documents to include text and inline graphics, much like the live notebooks of systems like Mathematica [http://www.wolfram.com/products/mathematica] or Maple [http://www.maplesoft.com]. This project would be supported by direct help from the IPython lead developer, just contact him either directly or via the IPython development list [http://scipy.net/mailman/listinfo/ipython-dev]
This page [http://ipython.scipy.org/google_soc] contains further details on the project and materials for prospective applicants.