implementing simple stream processor with sockets

I'm trying to implement simple data streamer in Python with sockets. Consider one server and one or more clients. I just want to read data from server, process it and send it to the client. Here's how I do it now:

        outputsocket = socket.socket()
        outputsocket.bind((self.outputaddress, self.outputport))
        outputsocket.listen(2)
        inputsocket = socket.socket()
        rsocks, wsocks = [], []
        rsocks.append(outputsocket)
        rsocks.append(inputsocket)
        recv_data = []

        try:
            inputsocket.connect((self.inputaddress, self.inputport))
            while True:
                try:
                    reads, writes, errs = select.select(rsocks, [], [])
                except:
                    return
                for sock in reads:
                    if sock == outputsocket:
                        client, address = sock.accept()
                        wsocks.append(client)
                    elif sock == inputsocket:
                        data_from_socket = sock.recv(8192)

                if data_from_socket:
                    outdata = process_data(data_from_socket)
                    if wsocks:
                       reads, writes, errs = select.select([], wsocks, [], 0)
                       for sock in writes:
                           sock.send(outdata)
        except KeyboardInterrupt:
            inputsocket.close()
            outputsocket.close()
            # etc

Obviously, it's stripped down example, but I think you got the idea. Does anyone have better ideas?