Hideshow works out of the box and folds python code. It is built-in my version of emacs (24.3.1)
I have never needed more than these commands:
M-x hs-minor-mode
M-x hs-hide-all
M-x hs-show-all
To toggle use C-c @ C-c which probably needs rebinding. You might also want to setup a hook in your .emacs file for hs-minor-mode to automatically be enabled when opening .py files.
I use it in combination the following to jump around.
M-x imenu <my_func_name>