You can normally import your stuff and the executed code will be updated.
Related Reading: http://www.athiesonfacer.com/tools/maya/pyt
To delete the modules inside the sys.modules dictionary. This is a pretty dirty solution and produces problems when you try to access data from somewhere without reimporting a deleted module but it worked very fine for me so far.
Let's say that my code lies inside a package called "myPackage" I would execute following code:
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