Python - Smart Threading

from threading import Thread, activeCount, Event
from random import randrange

def resetList(size):
    list = []
    for i in range(size):
        list.append(None)
    return list

def myFunction(threadID, end):
    print "Start__%d (End - %d)" %(threadID, end)
    Event().wait(timeout=end)
    print "Finish_%d (End - %d)" %(threadID, end)

threadCount = 5
threads = resetList(threadCount)
j = 0
for i in range(randrange(50)):
    threads[j] = Thread(target=myFunction, args=(j+1, randrange(threadCount*2)))
    threads[j].start()

    if activeCount() > threadCount:
        while activeCount() > threadCount:
            pass
        for t in range(threadCount):
            if not threads[t].isAlive():
                print 'Thread_%d Can Be Replaced' %(t+1)
                j = t
                break
    else:
        j += 1
        #Make Sure No Index Out Of Range
        if j == threadCount:
            j=0