Before revision:  To illustrate our framework, we perform specific computations for hybrid CEV/L\'evy model (which we christen as the "C\'EV" model)  .
After revision:  To illustrate our framework, we propose a class of CEV-like L\'evy-type models. Within this class, approximate option prices can be computed by a single Fourier integral and approximate implied volatilities are explicit (i.e., no integration is required). Furthermore, the class of CEV-like L\'evy-type models is shown to provide a tight fit to the implied volatility surface of S .