I am not completely sure I understand when you are asking. The only reason to use fetch is for portability because urllib.urlopen does not run on the Google App Engine. If you are not running and not planning to run on the google app engine, I would use urllib.urlopen instead.
If I understand your problem is getting the page content and the links in there. You need an external library for it. For example beautifulsoup.
Notice that having a web2py action call an external URL can be slow. You should probably queue your requests and have a background process make your external requests. Details depend on the purpose of your code.
Massimo