Copy the supplied mytwitter.conf file to ~/.mytwitter.conf, and edit it to suit your preferences. At a minimum, you need to change the [account] section to contain a valid twitter username and password. You can have multiple [account] sections.
USAGE
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Just run ./mytwitter.py, and start playing around. Right now, it is best to run this file in-place; it expects twitterwidgets.py and default.glade to be in the same directory.