First you need to write a Python compiler (not an interpreter) in any language, preferably Python. The first start of the compiler should be done through the interpreter.
Then you compile your compiler with yourself, which will lead to the creation of your own compiler, which does not need an interpreter.
You can then use the compiler to compile any Python into your own code.
This process is called bootstrapping and is used by many, if not most, major compilers for many languages.
You can read more about this here: http://en.wikipedia.org/wiki/Bootstrapping_ (compilers)
Regarding the creation of the operating system, you will need to implement at least the Python interpreter if you want to avoid the compiled code. If you write the Python interpreter as a microkernel, you can write the rest of the operating system in Python. (Editing: I just accidentally described Cleese, which Jiaaro mentioned :))
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