Something

__module_name__ = "ChanNotifier"
__module_version__ = "1.0"
__module_description__ = "Notifies on all activities on select channels"

import xchat, os.path
hook = None
channels = []

def servmsg_cb(word , word_eol, userdata):
    global channels
    try:
        if channels.index(word[3]):
            do_notify()
    except ValueError:
        pass
    xchat.prnt(word_eol[0])
    return None

def load():
    global hook, channels, __module_name__
    preffile = "~/.xchat2/channotifiers.dat"
    FILE = open(os.path.expanduser(preffile), "r")
    while FILE:
        line = FILE.readline()
        channels.append(line)
    hook = xchat.hook_server("PRIVMSG", servmsg_cb)
    xchat.prnt("%s Loaded" % __module_name__)

def unload_cb(userdata):
    global hook, channels, __module_name__
    if hook is not None:
        xchat.unhook(hook)
        hook = None
        channels = []
        xchat.prnt("%s Unloaded" % __module_name__)

def do_notify():
    print "I should be notifying now!"

load()
xchat.hook_unload(unload_cb)