In this version, Spidey dies literally on page two after Kraven shoots him with real bullets instead of tranquilizer darts. After that, Kraven's next logical step is to eat fistfuls of spiders to become a spider. In the original comic, a similar scene is rendered incredibly creepy by the atmospheric artwork and introspective narration. Here, it's just a naked guy eating spiders.
Next, Kraven puts on Spider-Man's old black duds and goes around beating people up while yelling, "I am the spider!" and "I consume the spider!" Something tells the other superheroes that this might not be the Friendly Neighborhood Spider-Man they know and love, so they try to confront Kraven, and he starts beating them up too.
But, while fighting Captain America, Kraven decides that he still isn't spider-esque enough, so he goes back to the place where he buried Spider-Man's body and starts eating his face. In the literal sense, not the romantic one.
Kraven ends up institutionalized, and then there's a touching scene where Spider-Man's wife, Mary Jane, tells Aunt May that her nephew was a hero beloved by millions -- at which point May freaks the eff out, calls MJ a lying skank, and kicks her out of her house while screaming.
To be fair, the last thing Aunt May heard about Spider-Man was that he was terrorizing pedestrians while raving about his bug-eating habits. In an effort to repair her husband's reputation, Mary Jane calls a press conference to reveal that Peter Parker was Spider-Man and try to clear up the whole Kraven thing, and some heroes show up for moral support ... but that just makes things worse. J. Jonah Jameson, who had his leg broken by Spider-Kraven, interrupts the conference and starts hitting the Human Torch with his crutches. A photographer catches the moment when the Torch tries to defend himself from Jameson's abuse, and the resulting photo convinces America that superheroes must be outlawed.