python: Writing Application- Different modules/Licenses and impact on Proprietary application

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I've written an application using wxPython and various other small modules (xlrd, xlwrt, pyserial, etc.) xlrd/xlwt i believe use a BSD license, and wxPython..

    ""Being a wrapper, wxPython uses the same free software licence 
used by wxWidgets (wxWindows License)—which is approved by Free 
Software Foundation and Open Source /n Initiative"" -wikipedia entry on wxPython

Just wondering about the implications of selling an application like this. I'm new to all this and am wondering what it means to use GPL-compatible modules, what the "free software foundation" is about, etc.

I.e., is the purpose of the free software foundation to restrict the use of 'open source', 'free-ware' code/modules from being bundled into commerical applications? Thanks.

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Ignacio Vazquez-Abrams On BEST ANSWER

"GPL-compatible" only matters if you're writing GPLed or LGPLed code. When writing a proprietary application the biggest concern is "closed-source-incompatible", although a proprietary app does not necessarily need to be closed-source. BSD and LGPL (among others) are closed-source-compatible; GPL is not.