Ruby
require 'json';s=%q[{"ruby":[" %q[","require 'json';s=##;j=JSON.load s;puts j[l=gets.chomp][1].sub('##',j[l][0].delete(' ')+s+j[l][2].delete(' '))"," ]"],"python":["' ''","import json,re;s=##;j=json.loads(s);l=raw_input();print(re.sub('##',j[l][0].replace(' ','')+s+j[l][2].replace(' ',''),j[l][1],1))","' ''"]}];j=JSON.load s;puts j[l=gets.chomp][1].sub('##',j[l][0].delete(' ')+s+j[l][2].delete(' '))
Python
import json,re;s='''{"ruby":[" %q[","require 'json';s=##;j=JSON.load s;puts j[l=gets.chomp][1].sub('##',j[l][0].delete(' ')+s+j[l][2].delete(' '))"," ]"],"python":["' ''","import json,re;s=##;j=json.loads(s);l=raw_input();print(re.sub('##',j[l][0].replace(' ','')+s+j[l][2].replace(' ',''),j[l][1],1))","' ''"]}''';j=json.loads(s);l=raw_input();print(re.sub('##',j[l][0].replace(' ','')+s+j[l][2].replace(' ',''),j[l][1],1))
Both versions take input on stdin (ruby or python currently) and generate the output to stdout in either language.