looks like the original python markdown should be sufficient (though both are available as needed)

http://www.google.com/search?sourceid=chrome&ie=UTF-8&q=simple+text+markup
simple text markup - Google Search
http://en.wikipedia.org/wiki/Lightweight_markup_language
Lightweight markup language - Wikipedia, the free encyclopedia
http://www.google.com/search?sourceid=chrome&ie=UTF-8&q=markdown#pq=markdown%20python&hl=en&sugexp=gsih&cp=27&gs_id=39&xhr=t&q=markdown2.py+vs+markdown.py+python&qe=bWFya2Rvd24yLnB5IHZzIG1hcmtkb3duLnB5IHB5dGhvbg&qesig=vm3dVS5h2gmo9uIGsh-B7A&pkc=AFgZ2tl1kStYQ3hFi5VeJgiU87w3RbdqGxP6CCmLRVbDR2AClg00lK9iB9ckMg9J4fPa4O3meRgwaYTKtNJzyVAcVJJD9T0jOA&pf=p&sclient=psy&source=hp&pbx=1&oq=markdown2.py+vs+markdown.py+python&aq=f&aqi=&aql=&gs_sm=&gs_upl=&bav=on.2,or.r_gc.r_pw.&fp=4314f23e9084643a&biw=1024&bih=514
markdown2.py vs markdown.py python - Google Search
http://daringfireball.net/projects/markdown/
Daring Fireball: Markdown
http://daringfireball.net/projects/markdown/index.text
daringfireball.net/projects/markdown/index.text
http://daringfireball.net/projects/markdown/syntax
Daring Fireball: Markdown Syntax Documentation
http://daringfireball.net/projects/markdown/basics
Daring Fireball: Markdown Basics
http://www.freewisdom.org/projects/python-markdown/
Markdown in Python: Overview
http://www.freewisdom.org/projects/python-markdown/Installation
Markdown in Python: Installation
http://www.freewisdom.org/projects/python-markdown/Features
Markdown in Python: Features
http://code.google.com/p/python-markdown2/
python-markdown2 - A fast and complete implementation of Markdown in Python (**MOVED TO GITHUB**) - Google Project Hosting
https://github.com/trentm/python-markdown2
trentm/python-markdown2 - GitHub
http://code.google.com/p/python-markdown2/wiki/PerformanceNotes
PerformanceNotes - python-markdown2 - Performance notes on Markdown implementations - A fast and complete implementation of Markdown in Python (**MOVED TO GITHUB**) - Google Project Hosting