Parsing lines from a live streaming website in Python
Yes, this is correct approach. To get changes in web, you have to send new query each time. Live AJAX sites do exactly same internally.
Some sites provide additional API, including long polling. Look for documentation on the site or ask their developers whether there is some.
I'm trying to read in info that is constantly changing from a website.
For example, say I wanted to read in the artist name that is playing on an online radio site.
I can grab the current artist's name but when the song changes, the HTML updates itself and I've already opened the file via: 
f = urllib.urlopen("SITE")
So I can't see the updated artist name for the new song.
Can I keep closing and opening the URL in a while(1) loop to get the updated HTML code or is there a better way to do this? Thanks!