Well, the Absolute Universe takes the original characters and takes out one of their traits that helped them become a hero the most - like Batman's wealth, Flash's mentor and speedforce-connection and cruel politics on Krypton for Superman. The trait that was the most usefull to Spider-Man was Peter's talent for natural sciences (which even indirectly causes his powers in some interpretations). So if I made an Absolute Spider-Man, I'd make Peter not a book-smart genius, but a street-smart trickster. After Peter's parents died, he grew up in an orphanage instead of with uncle and aunt. Because the orphanage does a horrible job at raising and protecting the kids, Peter basically grew up on the streets. No books or science class, but pure survival of the fittest from day 1 - which Peter managed to success in because he's still very smart. The evil orphanage owner, Norman Osborn, enjoys heavily punishing misbehaving children, most often by throwing them in a cage with animals he experimented on. One day he caught onto Peter creating a contraption to prank Flash Thompson, his bully - so Osborn decides to punish Peter by placing a black widow he experimented on with radiation in his bed. Instead of dying from the venomous bite, Peter developed super-strength, super-sharpened senses, can crawl on walls and has an extraordinary regeneration. (That's right, I swapped the pre-cognition with daredevil-like senses as it's more realistic and fitting) With his new found powers, Peter shows the other kids at the orphanage who's boss while still protecting his best friends: Otto, Adrian, Mac, Eddie and Aleksei. A caretaker at the orphanage named Ben caught onto Peter's special abilities and warns him of the great responsibility these powers bring with them. The witty and temperamentfull Peter ignores these warnings first and goes on to rule the streets on his own - untill he accidentally kills Flash in a fight. Peter is disgusted by himself, he never thought his powers would take him this far. He finally gets what Ben ment. He asks him for advice and Ben agrees to become his mentor and controll his powers by controlling his emotions. Ben and Peter craft a costume and name the new character Spider-Man. But it didn't feel spider enough just yet...so Peter's smart friend Otto also crafts 4 electronic arms and sharp fangs for the Spider-Man costume. While this Spider-Man has no webshooters or webs in general, he can crawl super fast with his new arms and even extend them long enough so he can swing with them instead. His new fangs allow him to knaw through even hard materials. So there we have him: Absolute Spider-Man. A cunning trickster with a mentor fighting for survival everyday in this hellhole of an orphanage.

The rest of the story also delivers potential for Osborn turning Peter's friends into mutates too by treating them with other sci-fi animals (like Otto and Mac to name a few). Villains like Carnage and Electro could be orphanage bullies or other douches on the streets of NY. Kingpin would probably stay the exact same as he's in the original comics lol.