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.
ballsy balls bals ballies balsa bells baals bills bails bulls bawls bolls balas bales blousy bialis bluesy belles blowsy bialys bellows bialies bailees boulles bellies bullies billies bullous billows bailies baileys bels blows buhls bolus biles blahs bolos boles blaws bowls blues bless blase bliss boils bolas belies blouse boylas blowzy blueys belows boules belays bylaws bilious bowless bullace
ballsy lulls phallus halls walls lalls gallus callas talls fillos kills bulls dalles jells ells rouilles quills falls folles villas palls culls malls failles filles fellas hells ollas villus fulls challis yells chills wills tulles tellys tailles dills sills cells rills pills hollos milles shells tolls duellos selles pulls nills fells molls hills mulls hulls knolls callus gills jellos ghylls cullis hillos bells balls bolls mells galls palsy vills follis bills quolls cellos jills maills dells alls quells fills tells calls gulls lolls wells hellos phyllos paellas boulles hallos mills niellos ills knells hollas mullas belles nulls rilles sells dulls tuilles shills hullos chillis polls rolls scillas zills dolls tallis tills wallas challas chollas yills
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