Is python's random number generation easily reproducible?

I was reading about python's random module in standard library. It amazes me that when I set the seed and produce a few random numbers:

random.seed(1)
for i in range(5):
    print random.random()

The numbers produced are exactly the same as the sample in the article. I think it's safe to say the algorithm is deterministic when the seed is set.

And when the seed is not set, the standard library seeds with time.time(). Now suppose an online service use random.random() to generate a captcha code, can a hacker use the same random generator to reproduce the captcha easily?

1. Let's assume the hacker knows about the algorithm to convert random number to captcha code. Otherwise, it seems quite impossible.
2. Since random.seed() is called when the module is imported, I assume for a web application, the time used as the seed is around the time the request is sent (within a few seconds), it won't be hard to caliberate with a few tries?

Am I worrying too much, or is this a real vulnerability?