I've taken a list of English words, and examined each of them to see what they sound like (using the PHP metaphone function). This page lists the most common metaphone codes, along with their words. You can also search for a word of your own, and see which words sound similar - and which ones rhyme, and which ones alliterate.
bellows belows billows blows bells blowsy belles bels bellies bullous bowls balls bulls bolos bills blaws bolls blousy blowzy bylaws belays blouse belies ballsy bilious bowless boulles billies bullies ballies bals baals bolas blues biles bawls balsa buhls blahs bolus boils bails bales bliss balas bless boles boylas blueys bluesy bialis boules bialys bailees baileys bailies bialies bullace
allows hollows gallows fallows willows sallows tallows fellows bellows yellows mallows pillows mellows hallows wallows follows shallows billows lows slows halloes blows halloos phyllos hilloes flows villous belows fillos helloes alloys lowse hullos gallous niellos callose hellos lilos plows hulloes holloos hallos jellos villose hollos hilloas hillos halloas duellos holloas hulloas callous hulloos felloes glows bullous holloes cellos blowsy
bellow bell belle belly below billow billowy bel