I can tell you Java can do anything you need it to do with the proper libraries. However, a question such as this may be better asked through Google where you'll get a number of hits relating to programs already written that may fit your purpose...
Can't say too much not knowing exactly what you are after?
Dököll, the OP said it was about compilation and not interpretation, so libraries are not the main problem. You'll need to install a Java SDK on your phone. This might or might not be possible, depending on the phone - what OS is it using? If it's a version of Windows, you shouldn't have a problem. Don't know about Symbian and other OSes.
For that of course, you'll need a phone with a python interpreter, right? I must say though, I had no idea python could do that - very interesting!
I didn't know that either; I know about that Jython thing but I still doubt that a compliant Java compiler exists written in Python (or Jython for that matter).
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