If you want to leave the original untouched and just return the new dictionary with the changes made, you can use:
replacements = {'example' : 'someotherword'}
newdict = dict((k, [replacements.get(x,x) for x in v])
for (k,v) in mydict.iteritems())
, , dictates dict. dict , :
for l in mydict.values():
l[:]=[replacements.get(x,x) for x in l]
, , , . . , , .