This code raises a ValueError:

  import code
  c = code.InteractiveConsole()
  c.interact()
  import sys
  sys.stdout.close()

because the InteractiveConsole uses raw_input() to
display its prompt.  I'm not sure where the correct
place to fix this is.  One possible way is to allow
raw_input() to take optional arguments to use instead
of sys.stdin and sys.stdout.  Another (easier?) way
to fix this problem might be to beef up
InteractiveConsole.raw_input() a bit.  I'm open to
either option, but I think InteractiveConsole needs
to continue working even if the user closes
sys.stdout.

This applies to the 2.4 and 2.5 branches as well as
the trunk.