Yes, you can use a while True: loop that never breaks to run Python code continually.
However, you will need to put the code you want to run continually inside the loop:
#!/usr/bin/python
while True:
# some python code that I want
# to keep on running
Also, time.sleep is used to suspend the operation of a script for a period of time. So, since you want yours to run continually, I don't see why you would use it.