robot simulation of an industrial robot

I would like to make a simple robotic arm based on a real industrial robot i use.
The arm consists of 2 flat level rotating joints and on the hand there is a pnumatic up down.

What i am wondered about is what would the best aprouch be for this ?.
I could create it in python+blender,
Giving each object exact locations and rotations (with a lot of sin(x) cos(y) )so they resamble the arm
On the other hand maybe it can be done trough bones ?.

The best solution should allow me for having some sliders to rotate it, and also be programmable as by scripting
(game engine)

So i think its all cos + sin function to move and rotate it, but it seams a bit cumbersome to me, bones seam to be a better aprouch but how to that ?, should i learn bones then script it or forget about bones and use some static movements ?