The following is an aggregate of tools mentioned in other answers...
cscope
http://cscope.sourceforge.net/
wikipedia entry: http://en.wikipedia.org/wiki/Cscope
cscope is a console mode or text-based graphical interface ... It is often used on very large projects to find source code, functions, declarations, definitions and regular expressions given a text string.
pyscope
http://pypi.python.org/pypi/pycscope/
generates a cscope index of Python source trees
ctags and exuberant ctags
http://ctags.sourceforge.net/
http://ctags.sourceforge.net/ctags.html
wikipedia entry: http://en.wikipedia.org/wiki/Ctags
Ctags is a program that generates an index (or tag) file of names found in source and header files of various programming languages. Depending on the language, functions, variables, class members, macros and so on may be indexed. These tags allow definitions to be quickly and easily located by a text editor or other utility.
Eclipse:
http://www.eclipse.org/
wikipedia entry: http://en.wikipedia.org/wiki/Eclipse_%28software%29
Eclipse is a multi-language software development platform comprising an IDE and a plug-in system to extend it. It is written primarily in Java and can be used to develop applications in Java and, by means of the various plug-ins, in other languages as well, including C, C++, COBOL, Python, Perl, PHP, and others.
PyDev
http://pydev.sourceforge.net/
"Pydev is a plugin that enables users to use Eclipse for Python and Jython development -- making Eclipse a first class Python IDE"
Komodo Edit
http://www.activestate.com/komodo_edit/
wikipedia entry: http://en.wikipedia.org/wiki/ActiveState_Komodo
Komodo Edit is a free text editor for dynamic programming languages introduced in January 2007. With the release of version 4.3, Komodo Edit is built on top of the Open Komodo project.
It was developed for programmers who need a multi-language editor with broad functionality, but not the features of an IDE, like debugging, DOM viewer, interactive shells, and source code control integration.
Prashanth's call graph (visualization) tool
http://blog.prashanthellina.com/2007/11/14/generating-call-graphs-for-understanding-and-refactoring-python-code/
Just thought I'd share a link to an interesting small fun script I've found long time ago, that draws a graph of function calls. It works only for simple cases, so "as is" it's more fun than useful.
rope/ropemacs
http://rope.sourceforge.net/ropemacs.html
Ropemacs is a plugin for performing python refactorings in emacs. It uses rope library and pymacs.
http://www.enigmacurry.com/2008/05/09/emacs-as-a-powerful-python-ide/
WingIDE
http://www.wingware.com/