I have been learning Python over the past few months and now am looking to focus my learning and experimenting more towards video games and making tools for games but have no idea where to start.

So I was wondering what you guys and gals out there who do use Python for games use it for.

Panda3D is a 3D Engine built on top of python.
Blender can run python scripts. You can type them up and run them right in the program.

I'll be using it eventually to write my own file format export scripts.

I use it here and there for interfacing with Maya, when MEL won't do the job. One of our artists here at SD writes all his tools in Python, it is very powerful in combination with Maya and MEL.

3dsmax supports python as well and just like in mel (maya) you can combine python with maxscript.
I heard some developers saying that often they would code core functions and classes in python and with mel/maxscript/blender python they would then add the final interfaces or integration into the 3d tools.

Just on a sidenote: modo uses perl scripting, sketchup uses ruby on rails and almost all adobe packages use JavaScript to integrate additional stuff. So if you can combine one of those with python you can even use some core python functionality with those.

Some games use it for their scripting engine to control the mission flow. I don't know about tools though.