How do I create 2 Edge Loops adjacent to selected Edge Loop? I'd like to know if there are any techniques or addons available for creating adjacent edge loops in a mesh based on a selected edge loop. The functionality would be similar to the Offset Edge Loop Tool in Maya. 

The goal would be to find a way to do this programmatically from python, and not interactively by hand.
'Beveling' should achieve what you want. Select the edges you want to add other edges around and press Ctrl+B to bevel:



Increase the 'bevel segments' by either scrolling the mouse wheel up while bevelling or change it in the toolbar (T) after beveling to keep the original edge.

As to how you would do this programmatically you might start with this:

bpy.ops.mesh.bevel(offset=0.5, segments=2, vertex_only=False)


(Though it might be better to try and find an alternative to bpy.ops.., see this)