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.
baldy bald baled bawled belady bloody balled ballad bailed bled ballade bold bield blued blade blood build bleed bulled ballet bolide bowled billed belled ballot belaud bolled balata blotty boiled belied bailout ballute bellied blighty bullied belt blat blet blot bolt
baldy fealty goaled halid haled healed vealed valid vialed realty dialed paled salty weald naled whaled moldy woald melody shoaled malady yald coaled foaled fauld sealed glady lealty leady auld cauld baled belady bald salad waled lady pealed welladay oldy wieldy mouldy shaled milady sialid malty yauld
bal baal bail bailee bailey bailie bale ball bally bawl biali bialy