For the record, the calibre editor can retrieve external resources such as images from a URL. Beyond a couple of quick tests, I haven't used it.
Also, @playful, if this is something you do frequently, you might want to look at FanFicFare. It can download stories from web sites and build epubs. While it's primary purpose is fan fiction, it does support other sites and adding an adapter for a new site is not that hard. It is available as a calibre plugin, and a command-line tool.
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