Pygame can load the sound formats that SDL_mixer supports. This includes
sampled data like WAV, VOC, AIFF, MP3, and OGG. There are also a lot of
tracker style formats like MOD, XM, XT, MIDI.
By the way, I've heard of a codec called Speex that has a Python
extension, http://www.freenet.org.nz/python/pySpeex/ . I thought it
might be some kind of synthesizer, which would be neat (I built a little
experiment towards one), but it looks like it's really a way to store
audio, optimized for voice. Is this something that could have some use
for PyGame?