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.
valse valise false vials vails vales veals values falsie villose valleys veils fails voles falls vills foals viols villas voiles filose phials violas villus veloce flossie phallus villous fallows floosie failles foliose volleys vowless viewless fils flus
valse false als hales bals lease mails fails ales miauls bales bawls falsie lyse aals pals coals gals pulse veals palliasse males close foals goals kales lose valise gales liaise halos vails heals pails villose pilose sials taels sheals shauls duals wheals weals dals wauls wales rales teals talls talas mauls quails sails pawls realise dials nalas dahls jouals sauls xylose bialys sals cauls release calls falls else balas rials kails reales zeals lalls salsa dulse hauls deals wails phials tales shales hails wawls vales galls koalas filose alas pales lase galas blase nails callose ails bialis balsa palsy shoals coalas malaise also awls baals bails balls alls clause halls jails calos malls vials gaols please meals shawls paillasse palls peals rails reals sales seals dales dialyse tails talus walls whales yawls
vail vale valley value veal vealy vial oval ovally