Here's the code I used. Would love any suggestions for improving it or making it more elegant.
original_pyg = raw_input('Enter a word in Pig Latin:')
less_suffix = original_pyg.lower()[0:(len(original_pyg)-3)]
new_word_pyg = original_pyg[len(original_pyg)-3].upper() + less_suffix
if original_pyg[len(original_pyg)-2:len(original_pyg)] == 'ay':
print 'English translation: ' + new_word_pyg
print 'Oops! Are you sure you entered a word in Pig Latin? It doesn\'t seem to end with \'ay\'...'
print 'Oops! Looks like your string contains spaces or non-alphabetical characters. Please try again.'