import arcpy

# Create an Array object.
#
array = arcpy.Array()

# List of coordinates.
#
coordList = ['1.0;1.0','1.0;10.0','10.0;10.0','10.0;1.0']

# For each coordinate set, create a point object and add the x- and 
#   y-coordinates to the point object, then add the point object 
#   to the array object.
#
for coordPair in coordList:
    x, y = coordPair.split(";")
    pnt = arcpy.Point(x,y)
    array.add(pnt)

# Add in the first point of the array again to close the polygon boundary
#
array.add(array.getObject(0))

# Create a polygon geometry object using the array object
#
boundaryPolygon = arcpy.Polygon(array)

# Use the geometry to clip an input feature class
#
arcpy.Clip_analysis("c:/data/rivers.shp", boundaryPolygon, "c:/data/rivers_clipped.shp")