Tracking online status?
As Sanjay says, prefer using memory solutions (online statuses have a quite brief use) like the Django cache (Redis or Memcache).
If you want a simple way of updating the online status of an user on an already loaded web page, use any lib like jQuery, AJAX-poll an URL giving the status of an user, and then update the tiny bit of your page showing your wanted status.
Don't poll this page too often, once every 15 seconds seems reasonable.
I am quite new to web development and am working on this social networking site. 
Now I want to add functionality to show if a person is online. 
Now one of the ways I figure out doing this is by keeping online status bit in the database.
My question is how to do it dynamically. Say the page is loaded and a user (say connection) comes online. How do I dynamically change status of that connection on that page. 
I wanted to know if there are any tools(libraries) available for this type of tracking. My site is in python using django framework. I think something can be done using javascript/ jquery . I want to know if I am going in the right direction or is there anything  else I should look into?