Assigning modifier parameters with python

Is it possible to assign modifier parameters with python? I have 10 objects (labeled object.000-object.009) and 10 armatures (armature.000-armature.009). I want to be able to use a script to add an armature modifier to each object and assign the armature parameter according to my naming convention (object.000:armature.000, etc), then apply the modifier so the object maintains its new shape. Is this even possible?

In looking through the API, I see it is possible to set the parameter through Python, however I can’t figure out if it is possible to automate the process according to my naming convention. Can anyone confirm or deny if it is possible to use a variable of some sort to automatically select the armature that has the matching number?

Assuming your armatures are armature object names:

import bpy

for ob in bpy.context.scene.objects:
    if ob.type == 'MESH':
        mod ="", type='ARMATURE')
        mod.object ="armature." +".")[2])

Thank you CoDEmanX, it works flawlessly.