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.
ballad ballade balled bald blade baled baldy belaud bailed bawled balata bulled ballet bolled ballot belady belled billed ballute bullate bellied bullied bled bold blat build blate bleed blood blued bield billet bloody boiled bolide bowled bullet belied bailout
ballad lad fulled belaud helled palled hollaed blade iliad mulled gelled belady colead payload belled billed knolled bulled filled plaid galled balled glade lolled clad dulled shilled relaid chilled woolled quelled welled walled roulade tolled melled polled dialled dolled yclad salad nulled rilled malady milady gulled jelled ballade allod clade load culled pilled felled bolled knelled lady laid pallid lead lalled gelada milled hulled lade hilled oeillade vialled laud fuelled glad called gilled plead glady miladi lulled reload nilled celled quilled dilled delead malled duelled tilled rolled tuladi waylaid killed willed chiliad pulled shelled yelled
ball bally bal bullae bull billy billow bill baal bail bailee bailey bailie bale bawl bialy bell billie belle billowy bellow boll belly bulla biali bully