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.
pencil penicil pencel pensil pensile penicillia
council pencil bouncily fancily cancel pencel penicil pensil tonsil chancel chancily
pence pennis spence peens peins penes penis pennies peans pensee pens peones peonies peons ponce openness opens spense