Use PySpeex to harness the speex codec if you want to transmit voice over the web. Why do you want to do this, though? Just for fun? There are already multiple established products that meet this need (eg. Ventrilo, Teamspeak, Google Talk, etc.)
I would like to make a realtime audio chat widget thingie. I'm pretty sure this would be difficult, if not impossible with, pygame. I wasn't sure though. Any ideas on using pygame for audio streaming this way?