Python sleep() will pause for an hour, day or whatever if given the proper value. It does not allow other processes take place (in same script) however. A better way is to use an event which will create an event on timeout.
Have a look at threading.Timer. It runs your function in a new thread without using sleep().
from threading import Timer
print "hello, world"
t = Timer(30.0, hello)
t.start() # after 30 seconds, "hello, world" will be printed
The second method to delay would be using the implicit wait method:
The third method is more useful when you have to wait until a particular action is completed or until an element is found: