So lxml has a very hand feature: make_links_absolute:
doc = lxml.html.fromstring(some_html_page)
doc.make_links_absolute(url_for_some_html_page)
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In my answer to What is a simple way to extract the list of URLs on a webpage using python? I covered that incidentally as part of the extraction step; you could easily write a method to do it on the soup and not just extract it.
from urllib.parse import urljoin
def make_links_absolute(soup, url):
for tag in soup.findAll('a', href=True):
tag['href'] = urljoin(url, tag['href'])
(Python 2: from urlparse import urljoin
.)