How do I reference a local resource in generated HTML in WinForms WebBrowser control?

public class HtmlFormatter
{
    /// <summary>
    /// Indicator that this is a URI referencing the local
    /// file path.
    /// </summary>
    public static readonly string FILE_URL_PREFIX =
        "file://";

    /// <summary>
    /// The path separator for HTML paths.
    /// </summary>
    public const string PATH_SEPARATOR = "/";
}


// We need to add the proper paths to each image source
// designation that match where they are being placed on disk.
String html = HtmlFormatter.ReplaceImagePath(
    myHtml,
    HtmlFormatter.FILE_URL_PREFIX + ApplicationPath.FullAppPath +
    HtmlFormatter.PATH_SEPARATOR);

<img src="file://ApplicationPath/images/myImage.gif">

XsltArgumentList lstArgs = new XsltArgumentList();
lstArgs.AddParam("absoluteRoot", string.Empty, Path.GetFullPath("."));

<img src="{$absoluteRoot}/Images/SilkIcons/comment_add.gif" align="middle" border="0" />

html = HtmlFormatter.ReplaceImagePathAuto(html);

public class HtmlFormatter
{

    public static readonly string FILE_URL_PREFIX = "file://";
    public static readonly string PATH_SEPARATOR = "/";
    public static String ReplaceImagePath(String html, String path)
    {
        return html.Replace("file://ApplicationPath/", path);
    }
    /// <summary>
    /// Replaces URLs matching file://ApplicationPath/... with Executable Path
    /// </summary>
    /// <param name="html"></param>
    /// <returns></returns>
    public static String ReplaceImagePathAuto(String html)
    {
        String executableName = System.Windows.Forms.Application.ExecutablePath;
        System.IO.FileInfo executableFileInfo = new System.IO.FileInfo(executableName);
        String executableDirectoryName = executableFileInfo.DirectoryName;
        String replaceWith = HtmlFormatter.FILE_URL_PREFIX
            + executableDirectoryName
            + HtmlFormatter.PATH_SEPARATOR;

        return ReplaceImagePath(html, replaceWith);
    }
}