Yes, take a look at the "6.4 Packages" section in http://docs.python.org/tut/node8.html:
Basically, you can place a bunch of files into a directory and add an __init__.py file to the directory. If the directory is in your PYTHONPATH or sys.path, you can do "import directoryname" to import everything in the directory or "import directoryname.some_file_in_directory" to import a specific file that is in the directory.
The __init__.py files are required to make Python treat the directories as containing packages; this is done to prevent directories with a common name, such as "string", from unintentionally hiding valid modules that occur later on the module search path. In the simplest case, __init__.py can just be an empty file, but it can also execute initialization code for the package or set the __all__ variable, described later.