hi every one I was wondering how to go about deploying a small time python database web application. Is buying some cheap hardware and installing a server good on it a good route to go?
You can get a virtual server instance on amazon or rackspace or many others for a very small fee per month, $20 - $60.  This will give you a clean install of the OS of your choice.  No need to invest in hardware.  From there you can follow any of the many many tutorials on deploying a django app.
deploying a python web application