HSV to RGB Color Conversion

If you like performance, it's best to avoid imports and use your own optimized code

Here's the exact code from colorsys slightly modified to make the byte-code slightly faster:

    def hsv_to_rgb(h, s, v):
        if s == 0.0: return (v, v, v)
        i = int(h*6.) # XXX assume int() truncates!
        f = (h*6.)-i; p,q,t = v*(1.-s), v*(1.-s*f), v*(1.-s*(1.-f)); i%=6
        if i == 0: return (v, t, p)
        if i == 1: return (q, v, p)
        if i == 2: return (p, v, t)
        if i == 3: return (p, q, v)
        if i == 4: return (t, p, v)
        if i == 5: return (v, p, q)

output:

>>> hsv_to_rgb(359,1,1)
[1, 0.0, 0.0]

Using an if-chain like above is actually faster than using elif

Using a wrapper, like in Cyber's answer, takes a few extra steps for the interpreter to perform.
To add, the for loop in Cyber's example is a real performance killer when used like that

If you want slightly more performance, simply do this:
(I won't say this is the best possible performance, but it's certainly better)

    def hsv_to_rgb(h, s, v):
        if s == 0.0: v*=255; return (v, v, v)
        i = int(h*6.) # XXX assume int() truncates!
        f = (h*6.)-i; p,q,t = int(255*(v*(1.-s))), int(255*(v*(1.-s*f))), int(255*(v*(1.-s*(1.-f)))); v*=255; i%=6
        if i == 0: return (v, t, p)
        if i == 1: return (q, v, p)
        if i == 2: return (p, v, t)
        if i == 3: return (p, q, v)
        if i == 4: return (t, p, v)
        if i == 5: return (v, p, q)

^ this guarantees int() output with a range of 255 (the input is still the same)

>>> hsv_to_rgb(359./360.,1,1)
(255, 0, 0)

TIP: stay away from 3rd-party where possible, try the direct approach if you can.
exculusions: compiled C extensions such as PIL or NumPy, or ctypes wrappers such as PyOpenGL (uses the DLL)

That function expects decimal for s (saturation) and v (value), not percent. Divide by 100.

>>> import colorsys

# Using percent, incorrect
>>> test_color = colorsys.hsv_to_rgb(359,100,100)
>>> test_color
(100, -9900.0, -9900.0)

# Using decimal, correct
>>> test_color = colorsys.hsv_to_rgb(1,1,1)
>>> test_color
(1, 0.0, 0.0)

If you would like the non-normalized RGB tuple, here is a function to wrap the colorsys function.

def hsv2rgb(h,s,v):
    return tuple(round(i * 255) for i in colorsys.hsv_to_rgb(h,s,v))

Example functionality

>>> hsv2rgb(0.5,0.5,0.5)
(64, 128, 128)

The Hue argument should also vary from 0-1.

import colorsys
test_color = colorsys.hsv_to_rgb(359/360.0, 1, 1)

I have prepared a vectorized version, it is cca 10x faster

def hsv_to_rgb(h, s, v):
    shape = h.shape
    i = int_(h*6.)
    f = h*6.-i

    q = f
    t = 1.-f
    i = ravel(i)
    f = ravel(f)
    i%=6

    t = ravel(t)
    q = ravel(q)

    clist = (1-s*vstack([zeros_like(f),ones_like(f),q,t]))*v

    #0:v 1:p 2:q 3:t
    order = array([[0,3,1],[2,0,1],[1,0,3],[1,2,0],[3,1,0],[0,1,2]])
    rgb = clist[order[i], arange(prod(shape))[:,None]]

    return rgb.reshape(shape+(3,))